<SEC-DOCUMENT>0001193125-18-152723.txt : 20180504
<SEC-HEADER>0001193125-18-152723.hdr.sgml : 20180504
<ACCEPTANCE-DATETIME>20180504155757
ACCESSION NUMBER:		0001193125-18-152723
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		139
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180504
DATE AS OF CHANGE:		20180504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PagSeguro Digital Ltd.
		CENTRAL INDEX KEY:			0001712807
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38353
		FILM NUMBER:		18807776

	BUSINESS ADDRESS:	
		STREET 1:		CONYERS TRUST COMPANY (CAYMAN) LIMITED
		STREET 2:		CRICKET SQUARE, HUTCHINS DRIVE, POB 2681
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1111
		BUSINESS PHONE:		55 11 3038 8127

	MAIL ADDRESS:	
		STREET 1:		CONYERS TRUST COMPANY (CAYMAN) LIMITED
		STREET 2:		CRICKET SQUARE, HUTCHINS DRIVE, POB 2681
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1111
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F/A
<SEQUENCE>1
<FILENAME>d580307d20fa.htm
<DESCRIPTION>20-F/A
<TEXT>
<HTML><HEAD>
<TITLE>20-F/A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES SECURITIES AND
EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">20-F/A</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Amendment No.1) </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for the fiscal year ended December&nbsp;31, 2017 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number <FONT STYLE="white-space:nowrap">1-38353</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>PAGSEGURO DIGITAL LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact name of registrant as specified in its charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>The Cayman Islands </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Jurisdiction of incorporation or organization) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Av. Brigadeiro Faria Lima, 1384, 4&ordm; andar, parte A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>S&atilde;o Paulo, SP, <FONT STYLE="white-space:nowrap">01451-001,</FONT> Brazil </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Eduardo Alcaro </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>+55 11
3038 8123 &#150; ealcaro@uolinc.com </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Av. Brigadeiro Faria Lima, 1384, 4&ordm; andar, parte A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>S&atilde;o Paulo, SP, <FONT STYLE="white-space:nowrap">01451-001,</FONT> Brazil </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name, telephone, <FONT STYLE="white-space:nowrap">e-mail</FONT> and/or facsimile </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">number and address of company contact person) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Title of each class:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Name of each exchange on which registered:</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A common shares, par value US$0.000025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">New York Stock Exchange</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: None </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: None </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>As of December&nbsp;31, 2017, there were zero Class&nbsp;A common shares and 262,288,607 Class&nbsp;B common shares, par value US$0.000025,
outstanding. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is a <FONT STYLE="white-space:nowrap">well-known</FONT> seasoned issuer, as
defined in Rule&nbsp;405 of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file
reports pursuant to Section&nbsp;13 or 15 (d) of the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing requirements for the past
90&nbsp;days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if
any, every Interactive Data File required to be submitted and posted pursuant to Rule&nbsp;405 of Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a <FONT
STYLE="white-space:nowrap">non-accelerated</FONT> filer, or an emerging growth company. See definition of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; and &#147;emerging growth company&#148; in
<FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Exchange Act: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Large Accelerated
Filer&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated <FONT STYLE="white-space:nowrap">Filer&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated</FONT>
Filer&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth
company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#134;
provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#134; The term &#147;new or revised
financial accounting standard&#148; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S. GAAP&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IFRS&nbsp;&nbsp;&#9746;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If &#147;Other&#148; has been checked in response to the
previous question, indicate by check mark which financial statement item the registrant has elected to follow. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Item&nbsp;17&nbsp;&nbsp;&#9744;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item&nbsp;18&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in
<FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Exchange Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;&#9746; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>Table of Contents </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Page </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Contents </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc450340_1">FORWARD LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc450340_2">CERTAIN TERMS AND CONVENTIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc450340_3">PRESENTATION OF FINANCIAL AND OTHER INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_4">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_5">OFFER STATISTICS AND EXPECTED TIMETABLE</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_6">KEY INFORMATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_7">INFORMATION ON THE COMPANY</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 4A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_8">UNRESOLVED STAFF COMMENTS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_9">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_10">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_11">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_12">FINANCIAL INFORMATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_13">THE OFFER AND LISTING</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_14">ADDITIONAL INFORMATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_15">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_16">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_17">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_18">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_19">CONTROLS AND PROCEDURES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_20">[RESERVED]</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_21">AUDIT COMMITTEE FINANCIAL EXPERT</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16B.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_22">CODE OF ETHICS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16C.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_23">PRINCIPAL ACCOUNTANT FEES AND SERVICES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM&nbsp;16D.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_24">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16E.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_25">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16F.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_26">CHANGE IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16G.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_27">CORPORATE GOVERNANCE</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 16H.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_28">MINE SAFETY DISCLOSURE</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_29">FINANCIAL STATEMENTS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_30">FINANCIAL STATEMENTS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ITEM 19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="#toc450340_31">EXHIBITS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc450340_32">GLOSSARY OF TERMS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc450340_33">SIGNATURES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc450340_1"></A><FONT STYLE="white-space:nowrap">FORWARD-LOOKING</FONT> STATEMENTS
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report includes estimates and forward-looking statements principally under the captions &#147;Item 3. Key
Information&#151;Risk Factors,&#148; Item 4. Information on the Company,&#148; and &#147;Item 5. Operating and Financial Review and Prospects.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These estimates and forward-looking statements are based mainly on our current expectations and estimates of future events and trends that
affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of our Class&nbsp;A common shares. Although we believe that these estimates and forward-looking statements are based
upon reasonable assumptions, they are subject to many significant risks, uncertainties and assumptions and are made in light of information currently available to us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These statements appear throughout this annual report and include statements regarding our intent, belief or current expectations in
connection with: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the inherent risks related to the digital payments market, such as the interruption or failure of our computer or information technology systems; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to innovate and respond to technological advances and changing customer demands; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the maintenance of tax incentives; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to attract and retain qualified personnel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to maintain our classification as an emerging growth company under the JOBS Act; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general economic, political and business conditions in Brazil, particularly in the geographic markets we serve as well as any other countries we may serve in the future and their impact on our business, notably with
respect to inflation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">labor disputes, employee strikes and other labor-related disruptions, including in connection with negotiations with unions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">management&#146;s expectations and estimates concerning our future financial performance and financing plans and programs; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our interest rates and our level of debt and other fixed obligations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">inflation, appreciation, depreciation and devaluation of the <I>real</I>; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">expenses, ability to generate cash flow, and ability to achieve, and maintain, future profitability; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to anticipate market needs and develop and introduce new and enhanced products and service functionality to adapt to changes in our industry; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our anticipated growth and growth strategies and our ability to effectively manage that growth; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the impact of increased competition in our market, innovation by our competitors, and our ability to compete effectively; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to successfully enter new markets and manage our expansion; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to further penetrate our existing client base to grow our ecosystem; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our expectations concerning relationships with third parties and key suppliers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to maintain, protect and enhance our brand and intellectual property; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements, as well as our plans for the net proceeds from our initial public
offering; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our compliance with applicable regulatory and legislative developments and regulations and legislation that currently apply or become applicable to our business; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other factors that may affect our financial condition, liquidity and results of operations; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other risk factors discussed under &#147;Item 3. Key Information&#151;Risk Factors.&#148; </TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The words &#147;believe,&#148; &#147;understand,&#148; &#147;may,&#148; &#147;will,&#148;
&#147;aim,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;anticipate,&#148; &#147;seek,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;should,&#148; &#147;could,&#148; &#147;forecast&#148; and similar words are intended to identify
forward-looking statements. You should not place undue reliance on such statements, which speak only as of the date they were made. We do not undertake any obligation to update publicly or to revise any forward-looking statements after we file this
annual report because of new information, future events or other factors. Our independent public auditors have neither examined nor compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such
statements. In light of the risks and uncertainties described above, the future events and circumstances discussed in this annual report might not occur and are not guarantees of future performance. Because of these uncertainties, you should not
make any investment decision based upon these estimates and forward-looking statements. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc450340_2"></A>CERTAIN TERMS AND
CONVENTIONS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A glossary of industry and other defined terms is included in this annual report, beginning on page 146. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc450340_3"></A>PRESENTATION OF FINANCIAL AND OTHER INFORMATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following references in this annual report have the meanings shown below: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;PagSeguro Digital&#148; or the &#147;Company&#148; mean PagSeguro Digital Ltd. PagSeguro Digital Ltd. is an exempted company with limited liability incorporated under the laws of the Cayman Islands.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;PagSeguro Brazil&#148; means Pagseguro Internet S.A., our operating company, a <I>sociedade an&ocirc;nima</I> incorporated in Brazil. Pagseguro Internet S.A. is substantially wholly-owned by PagSeguro Digital Ltd.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;We,&#148; &#147;us&#148; and &#147;our&#148; mean PagSeguro Digital, PagSeguro Brazil and PagSeguro Brazil&#146;s subsidiaries on a consolidated basis. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;PagSeguro&#148; means our digital payments business, which is operated by PagSeguro Brazil. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;UOL&#148; means Universo Online S.A., the controlling shareholder, of PagSeguro Digital. For more information regarding UOL, see &#147;Item 7. Major Shareholders and Related Party Transactions.&#148;
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;Brazil&#148; refers to the Federative Republic of Brazil and the phrase &#147;Brazilian government&#148;
refers to the federal government of Brazil. &#147;Central Bank&#148; refers to Banco Central do Brasil. References in this annual report to &#147;<I>real</I>,&#148; &#147;<I>reais</I>&#148; or &#147;R$&#148; refer to the Brazilian <I>real</I>, the
official currency of Brazil and references to &#147;U.S. dollar,&#148; &#147;U.S. dollars&#148; or &#147;US$&#148; refer to U.S. dollars, the official currency of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains various illustrations of our products and services. For convenience, we have translated the text in those
illustrations into English. The actual products and services are generally presented to our customers in Portuguese only. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Events </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Incorporation and IPO </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the time of incorporation of PagSeguro Digital Ltd., UOL also held 524,577,214 shares of our principal operating company, PagSeguro Brazil
(which were substantially all of the shares PagSeguro Brazil, the one remaining share being held by a separate shareholder, as required by Brazilian law). On August&nbsp;1, 2017, PagSeguro Brazil carried out a reverse stock split, following which
UOL held 262,288,606 shares in PagSeguro Brazil, the one remaining share being held by the separate shareholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;4, 2018,
prior to the launch of our initial public offering, UOL contributed all of its shares in PagSeguro Brazil to PagSeguro Digital. As a result, prior to our initial public offering, PagSeguro Digital owned substantially all of the shares of PagSeguro
Brazil, together with PagSeguro Brazil&#146;s subsidiaries and activities. In return for this contribution, PagSeguro Digital issued 262,288,606 new Class&nbsp;B common shares to UOL in a 1:1 exchange for the shares of PagSeguro Brazil contributed
to it. Taken together with the one Class&nbsp;B common share of PagSeguro Digital that UOL already held prior to that contribution, UOL held all of the issued shares of PagSeguro Digital immediately prior to our initial public offering offering,
consisting of 262,288,607 Class&nbsp;B common shares. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Immediately prior to our initial public offering on January&nbsp;23, 2018, therefore, UOL held
all of the 262,288,607 issued and outstanding shares in PagSeguro Digital, and PagSeguro Digital held all of the 262,288,607 issued and outstanding shares in PagSeguro Brazil except one. After accounting for the 50,925,642 new Class&nbsp;A common
shares issued and sold by PagSeguro Digital in our initial public offering and the 1,821,043&nbsp;new Class&nbsp;A common shares issued without cash consideration to certain members of our management who are beneficiaries under our Long-Term
Incentive Plan, or the LTIP, upon completion of our initial public offering, PagSeguro Digital had a total of 315,035,292 common shares issued and outstanding immediately following our initial public offering. 192,020,861 of these shares are
Class&nbsp;B common shares beneficially owned by UOL, 121,193,388 of these shares are Class&nbsp;A common shares beneficially owned by investors who purchased shares in our initial public offering and 1,821,043 are Class&nbsp;A common shares
beneficially owned by members of our management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In January 2018, we completed our initial public offering, in which we which we issued
and sold 50,925,642 Class&nbsp;A common shares and UOL sold 70,267,746 Class&nbsp;A common shares listed on the NYSE. For more information, see &#147;Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>The 2015 Reorganization </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil was incorporated as a legal entity in 2006, although it did not operate the PagSeguro business prior to August&nbsp;1, 2015
since most of the PagSeguro business activities were operated by other UOL group members prior to that date. On August&nbsp;1, 2015, UOL carried out a corporate reorganization in which it segregated some of the PagSeguro activities from its other
activities and contributed them to PagSeguro Brazil. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the contribution of these PagSeguro activities to PagSeguro Brazil, their
results of operations were recorded in UOL&#146;s financial statements. As a result, the financial information of PagSeguro Digital reflects a <FONT STYLE="white-space:nowrap">carve-out</FONT> of the PagSeguro activities for periods prior to
August&nbsp;1, 2015. That <FONT STYLE="white-space:nowrap">carve-out</FONT> financial information is derived from UOL&#146;s accounting records and does not necessarily reflect the financial position, results of operations or cash flows that would
have been recorded had PagSeguro Brazil been operating as a separate entity in those periods or at those dates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From January&nbsp;1, 2014
through July&nbsp;31, 2015, certain of the assets and liabilities, revenues, costs and expenses directly related to the PagSeguro business were already controlled separately from UOL&#146;s other activities. On the other hand, certain other
corporate balances and transactions relating to the PagSeguro operations were not accounted for separately within UOL; these have been allocated to the audited consolidated financial statements for the period from January&nbsp;1, 2014 through
July&nbsp;31, 2015 based on assumptions similar to those used after August&nbsp;1, 2015, when the PagSeguro business was transferred to PagSeguro Brazil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the completion of our intial public offering, PagSeguro used centralized cash management with UOL. Consequently, all amounts received
or paid in connection with the PagSeguro business were recognized as balances between related parties in the audited consolidated financial statements. This approach is consistent with the treatment of the audited consolidated financial statements
prior to August&nbsp;1, 2015, which were prepared on a <FONT STYLE="white-space:nowrap">carve-out</FONT> basis. The PagSeguro cash management was separated from UOL&#146;s cash management starting from the date of completion of our initial public
offering. Any remaining balances that related to prior cash management activities began accruing interest on arms&#146; length terms from the date of completion of our initial public offering, and any such balances were repaid by UOL following
completion of our initial public offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, during 2016, UOL transferred its 100% interest in Net+Phone and its 75% interest
in Boa Compra to PagSeguro Brazil as a capital contribution, and PagSeguro Brazil purchased the remaining 25% <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests in Boa Compra from its minority shareholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Effect of Rounding </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain amounts and
percentages included in this annual report, including in the section of this annual report entitled &#147;Item 5. Operating and Financial Review and Prospects&#148; have been rounded for ease of presentation. Percentage figures included in this
annual report have not been calculated in all cases on the basis of the rounded figures but on the basis of the original amounts prior to rounding. For this reason, certain percentage amounts in this annual report may vary from those obtained by
performing the same calculations using the figures in the audited consolidated financial statements. Certain other amounts that appear in this annual report may not sum due to rounding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Market and Industry Data </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report contains data related to economic conditions in the market in which we operate. The information contained in this annual
report concerning economic conditions is based on publicly available information from third-party sources that we believe to be reasonable. Data and statistics regarding the Brazilian Internet, payment solutions and
<FONT STYLE="white-space:nowrap">e-commerce</FONT> markets are based on publicly available data published by the Brazilian Association of Credit Card and Services Companies (<I>Associa&ccedil;&atilde;o Brasileira de Empresas de Cart&otilde;es de
Cr&eacute;dito e Servi&ccedil;os</I>, or ABECS); comScore, a cross-platform measurement company that measures audiences, brands and consumer behavior, and provides market and analytical data to clients; Datafolha, a research institute and affiliate
of UOL created by Grupo Folha, which conducts statistical surveys, election polling and opinion and market surveys for the market at large; the Brazilian Institute of Geography and Statistics (<I>Instituto Brasileiro de Geografia e
Estat</I><I>&#314;</I><I>stica</I>, or IBGE); the World Bank; SEBRAE; Neoway Business Solutions; Webshoppers; and eMarketer; among others. We also make statements in this annual report about our competitive position and the size of the Brazilian
digital payments and <FONT STYLE="white-space:nowrap">e-commerce</FONT> markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we have no reason to believe any of this
information or these reports are inaccurate in any material respect and believe and act as if they are reliable, Neither we nor our agents have independently verified it. Governmental publications and other market sources, including those referred
to above, generally state that their information was obtained from recognized and reliable sources, but the accuracy and completeness of that information is not guaranteed. In addition, the data that we compile internally and our estimates have not
been verified by an independent source. Except as disclosed in this annual report, none of the publications, reports or other published industry sources referred to in this annual report were commissioned by us or prepared at our request. Except as
disclosed in this annual report, we have not sought or obtained the consent of any of these sources to include such market data in this annual report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The sources of market and industry data contained in this annual report are listed below: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Bank of International Settlements, Statistics on Payment, Clearing and Settlement Systems in the CPMI Countries, December 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">ABECS, 2016 Sector Balance (<I>Balan&ccedil;o do Setor 2016</I>), March 2017. (Maria Judith de Brito, a member of our board of directors, is currently a member of the board of ABECS.) </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">eMarketer, Worldwide Retail Ecommerce Sales: eMarketer&#146;s Updated Estimates And Forecast Through 2019, December 2015. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">eMarketer, Worldwide Internet and Mobile Users&#151;eMarketer&#146;s Estimates for 2016&#150;2021, April 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">eMarketer, Worldwide Mcommerce Sales Penetration by Country, April 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Ebit, Webshoppers 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Deloitte, FEBRABAN Bank Technology Report (<I>Pesquisa FEBRABAN de Tecnologia Banc&aacute;ria</I>), 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">BCG and Google, Digital Payments 2020: The Making of a $500 Billion Ecosystem in India, July 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top">World Bank, The Global Findex Database 2014: Measuring Financial Inclusion Around the World, April 2015. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top">SEBRAE, CAGED &#150; Employment Analysis (An&aacute;lise do Emprego &#150; CAGED), June and September 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top">Worldpay, Global Payments Report, November 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top">Datafolha, The Payment Methods Market (<I>O Mercado dos Meios de Pagamento</I>), June 2017. (Datafolha is a member of Grupo Folha. This report was commissioned by us and Datafolha has consented to our inclusion of this
market data in this annual report.) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(13)</TD>
<TD ALIGN="left" VALIGN="top">Neoway Business Solutions, using source data principally from SEBRAE, Brazil&#146;s Tax Authority (<I>Receita Federal</I>), and RAIS, June 2017. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(14)</TD>
<TD ALIGN="left" VALIGN="top">Source data compiled from the Strawhecker Group, BNR Market Research Report, and the Engagement Survey for Boston Retail Partners, 2016. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(15)</TD>
<TD ALIGN="left" VALIGN="top">eMarketer, Netflix Subscribers in Latin America, by Country for Q4 2016, June 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(16)</TD>
<TD ALIGN="left" VALIGN="top">eMarketer, Paid Netflix Subscribers in Select Countries in Western Europe, 2012-2020, September 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(17)</TD>
<TD ALIGN="left" VALIGN="top">eMarketer, Subscription <FONT STYLE="white-space:nowrap">Video-on</FONT> Demand (SVOD) Subscribers in North America, by Country, 2016-2022, August 2017. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(18)</TD>
<TD ALIGN="left" VALIGN="top">Veja, S&atilde;o Paulo is the city with the most Uber rides in the world, August 2017. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(19)</TD>
<TD ALIGN="left" VALIGN="top">Brazilian Association of Companies with Rotate Offset (<I>Associa&ccedil;&atilde;o Brasileira de Empresas com Rotativa Offset</I>, or ABRO), Sector Analysis, 2015. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(20)</TD>
<TD ALIGN="left" VALIGN="top">Hostmapper Brasil, Panorama of the Brazilian Shared Hosting Market, May 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(21)</TD>
<TD ALIGN="left" VALIGN="top">Panrotas, Rio is the fourth largest market for Airbnb, January 2017. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Emerging Growth Company Status
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an &#147;emerging growth company,&#148; as defined in Section&nbsp;2(a) of the Securities Act of 1933, as amended, or the
Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. We will remain an emerging growth company until the earlier of (1)&nbsp;the last day of the fiscal year (a)&nbsp;following the fifth anniversary of the
completion of our initial public offering, (b)&nbsp;in which we have total annual revenues of at least US$1.07&nbsp;billion or (c)&nbsp;in which we are deemed to be a large accelerated filer and (2)&nbsp;the date on which we have issued more than
US$1.0&nbsp;billion in <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt during the prior three-year period. As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies including, but not limited to, exemptions from the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, and
any Public Company Accounting Oversight Board, or PCAOB, rules, including any future audit rule promulgated by the PCAOB (unless the SEC determines otherwise). Accordingly, the information about us available to you will not be the same as, and may
be more limited than, the information available to shareholders of a <FONT STYLE="white-space:nowrap">non-emerging</FONT> growth company. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_4"></A>ITEM&nbsp;1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_5"></A>ITEM&nbsp;2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>OFFER STATISTICS AND EXPECTED TIMETABLE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_6"></A>ITEM&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>KEY INFORMATION </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selected Financial and Operating Data </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital Ltd., our Cayman Islands company, was incorporated on July&nbsp;19, 2017 for an indefinite term. Prior to the contribution of
Pagseguro Internet S.A. to it on January&nbsp;4, 2018, PagSeguro Digital Ltd. had not commenced operations and had only nominal assets and liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following our initial public offering on January&nbsp;23, 2018, PagSeguro Digital began reporting consolidated financial information
to&nbsp;shareholders, and PagSeguro Brazil no longer presents consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables summarize financial
data for PagSeguro Digital at and for each of the years ended December&nbsp;31, 2017, 2016, 2015 and 2014. These audited consolidated financial statements were prepared in accordance with IFRS, as issued by the IASB. PagSeguro Digital maintains its
books and records in <I>reais</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should read this information in conjunction with the following other information included
elsewhere in this annual report: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the audited consolidated financial statements at December&nbsp;31, 2017 and 2016 and for each of the three years ended December&nbsp;31, 2017 and the related notes; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the information under &#147;Item 5. Operating and Financial Review and Prospects.&#148; </TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables present our selected financial data as of and for each of the periods
indicated. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT OF OPERATIONS DATA </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(US$)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in millions, except amounts per share and%)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenue from transaction activities and other services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">370.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,224.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">480.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">268.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenue from sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">471.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">818.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">392.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">219.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total revenue and income</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>762.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,523.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,138.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>674.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>325.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales and services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(400.4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,324.4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(623.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(382.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(142.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selling expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(74.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(245.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(199.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(81.4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(84.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other (expenses) income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Profit before Income Taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>206.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>683.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>155.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>40.3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36.2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(65.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(215.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income Tax and Social Contribution</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(61.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(204.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(27.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(8.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Income for the Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>144.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>478.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>127.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>35.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>27.2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attributable to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Owners of PagSeguro Digital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Basic and diluted earnings per common share &#150; R$</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.5518</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.8254</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.4849</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.1338</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>0.0990</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">For convenience purposes only, amounts in reais for the year ended December&nbsp;31, 2017 have been translated to U.S. dollars using a rate of R$3.3080 to US$1.00, the commercial selling rate for U.S. dollars at
December&nbsp;31, 2017 as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at that or at any other exchange rate. See
&#147;&#151;Exchange Rates&#148; below for further information about recent fluctuations in exchange rates. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OPERATING DATA </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At and For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating Statistics:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Active merchants at <FONT STYLE="white-space:nowrap">year-end</FONT> (in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TPV (in billions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$11.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$38.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$14.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$7.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$3.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average spending per active merchant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$5,554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$18,374</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$12,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$11,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">R$10,449</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">For convenience purposes only, amounts in <I>reais</I> for the year ended December&nbsp;31, 2017 have been translated to U.S. dollars using a rate of R$3.3080 to US$1.00, the commercial selling rate for U.S. dollars at
December&nbsp;31, 2017 as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at that or at any other exchange rate. See
&#147;&#151;Exchange Rates&#148; below for further information about recent fluctuations in exchange rates. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BALANCE SHEET DATA </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents key line items from PagSeguro Digital&#146;s consolidated balance sheet&nbsp;data: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(US$)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,064.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,522.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,715.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,110.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">665.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Receivables from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes recoverable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Current Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,217.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,028.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,270.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,240.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>778.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-Current</FONT> Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Judicial deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total <FONT STYLE="white-space:nowrap">Non-Current</FONT> Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>62.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>207.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>99.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>59.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,280.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,235.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,370.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,300.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>817.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(US$)<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(R$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">931.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,080.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,304.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">683.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries and social charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes and contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends payable and interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Current Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,003.3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,319.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,719.2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>832.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>385.3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-Current</FONT> Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total <FONT STYLE="white-space:nowrap">Non-Current</FONT> Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>46.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6.3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,017.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,365.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,743.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>838.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>391.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>263.1</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>870.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>626.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>461.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>426.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES AND EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,280.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,235.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,370.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,300.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>817.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">For convenience purposes only, amounts in <I>reais</I> for the year ended December&nbsp;31, 2017 have been translated to U.S. dollars using a rate of R$3.3080 to US$1.00, the commercial selling rate for U.S. dollars at
December&nbsp;31, 2017 as reported by the Central Bank. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at that or at any other exchange rate. See
&#147;&#151;Exchange Rates&#148; below for further information about recent fluctuations in exchange rates. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Financial Information U.S. Dollars </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have translated some of the <I>real</I> amounts included in this annual report into U.S. dollars. You should not construe these translations
as representations by us that the amounts actually represent these U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Unless otherwise indicated, we have translated <I>real</I> amounts into U.S. dollars using a rate
of R$3.3080 to US$1.00, the commercial selling rate for U.S. dollars at December&nbsp;31, 2017 as reported by the Central&nbsp;Bank. See &#147;&#151;Exchange Rates&#148; below for more information regarding the <I>real</I>/U.S. dollar exchange rate.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Rates </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil
generates substantially all of its revenues in <I>reais</I> and as a result, we maintain our books and records in <I>reais</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Brazilian foreign exchange system allows the purchase and sale of foreign currency and the international transfer of <I>reais</I> by any person or legal entity, regardless of the amount, subject to certain regulatory procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since 1999, the Central Bank has allowed the <I>real</I>/U.S. dollar exchange rate to float freely, which resulted in increasing exchange rate
volatility. Until early 2003, the <I>real</I> declined against the U.S. dollar. Between 2004 and 2008, the <I>real</I> strengthened against the U.S. dollar, except in the most severe periods of the global economic crisis. Given the recent turmoil in
international markets and the current Brazilian macroeconomic outlook, the <I>real</I> depreciated against the U.S. dollar from <FONT STYLE="white-space:nowrap">mid-2011</FONT> to early 2016. Beginning in early 2016 through the end of 2016, the
<I>real</I> appreciated against the U.S. dollar, primarily as a result of Brazil&#146;s changing political conditions. Between <FONT STYLE="white-space:nowrap">year-end</FONT> 2016 and 2017, the <I>real</I> remained relatively stable, depreciating
only 1.5% against the U.S. dollar. In the past, the Central Bank has intervened occasionally to control high volatility in the foreign exchange rates. We cannot predict whether the Central Bank or the Brazilian government will continue to permit the
<I>real</I> to float freely or will intervene in the exchange rate market through the return of a currency band system or otherwise. In the future, the <I>real </I>may fluctuate substantially against the U.S. dollar. See &#147;&#151;Risk
Factors&#151;Risks Relating to Brazil&#151;Exchange rate instability may have adverse effects on the Brazilian economy, us and the price of our Class&nbsp;A common shares.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, Brazilian law provides that, whenever there is a serious imbalance in Brazil&#146;s balance of payments or there are serious
reasons to foresee a serious imbalance, temporary restrictions may be imposed on remittances of foreign capital abroad. We cannot assure you that such measures will not be taken by the Brazilian government in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table shows the low, high, average and <FONT STYLE="white-space:nowrap">period-end</FONT> commercial selling rates for the
<I>real</I> as against the U.S. dollar, as reported by the Central Bank on its website for the periods and dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>R$ per US$1.00</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:89.80pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Year Ended December&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;End</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:47.35pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Month Ended</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;End</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.09</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 2018 (through April 4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Represents the average of exchange rates on each day of each month during the periods indicated. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Represents the average of the daily exchange rates during each day of the respective month indicated. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RISK FACTORS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to Our Business and Industry </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we
cannot keep pace with rapid technological developments to provide new and innovative products and services, and address the rapidly evolving market for transactions on mobile devices, the use of our products and services and, consequently, our
revenues could decline. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rapid, significant and disruptive technological changes continue to impact the industries in which we
operate, including developments in payment card tokenization, mobile payments, social commerce (i.e., <FONT STYLE="white-space:nowrap">e-commerce</FONT> through social networks), authentication, virtual currencies, distributed ledger or blockchain
technologies, near field&nbsp;communication and other proximity or contactless payment methods, virtual reality, machine learning and&nbsp;artificial intelligence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For instance, mobile devices are increasingly used for <FONT STYLE="white-space:nowrap">e-commerce</FONT> transactions and payments.
A&nbsp;significant and growing portion of our customers access our platforms through mobile devices, including for regular online shopping as well as for <FONT STYLE="white-space:nowrap">in-person</FONT> transactions. In the year ended
December&nbsp;31, 2017, 44% of our customers accessed our platforms through mobile devices, compared with 36% in the year ended December&nbsp;31, 2016. We may lose customers if we are not able to continue to meet our customers&#146; mobile and
multi-screen experience expectations. Different mobile devices and platforms use a wide variety of technical and other configurations, which increase the challenges involved in providing payments in the mobile environment. In addition, a number of
other companies with significant resources and a number of innovative startups have introduced products and services focusing on mobile markets. We cannot guarantee that we will be able to continue to meet customer expectations in the mobile
environment or increase our volume of mobile transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We cannot predict the effects of technological changes on our business. In
addition to our own initiatives and innovations, we rely in part on third parties for the development of and access to new technologies. We expect that new services and technologies applicable to the industries in which we operate will continue to
emerge and may be superior to, or render obsolete, the technologies we currently use in our products and services. Developing and incorporating new technologies into our products and services may require substantial expenditures, take considerable
time, and ultimately may not be successful. In addition, our ability to adopt new products and services and develop new technologies may be inhibited by industry-wide standards, payment networks, changes to laws and regulations, resistance to change
from consumers or merchants, third-party intellectual property rights, or other factors. Our success will depend on our ability to develop and incorporate new technologies, address the challenges posed by the rapidly evolving market for mobile
transactions through our platforms and adapt to technological changes and evolving industry standards; if we are unable to do so in a timely or cost-effective manner, our business could be harmed. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Substantial and increasingly intense competition, both within our industry and from other payment methods, may harm our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We compete in markets characterized by vigorous competition, changing technology, changing customer needs, evolving industry standards and
frequent introductions of new products and services. We compete with existing providers of digital payment solutions, <FONT STYLE="white-space:nowrap">in-person</FONT> payments via POS, free digital accounts, prepaid cards and acquisition
activities. In the online digital payments market, we compete primarily with international online payment services, such as PayPal, and regional players, such as MercadoPago from MercadoLibre and MoIP/Wirecard. In the POS payments market, we compete
primarily with international players, such as SumUp/Payleven, and regional players, such as MercadoPago from MercadoLibre. As is the case with the digital payments industry in general, we also compete with other means of payment, both digital and
traditional, including cash, checks, money orders and electronic bank deposits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect competition to intensify in the future as existing and new competitors introduce new
services or enhance existing services. We compete against many companies to attract customers, and some of these companies have greater financial resources and substantially larger bases of customers than we do, which may provide them with
significant competitive advantages. These companies may devote greater resources than we do to the development, promotion and sale of products and services, and they may be more effective in introducing innovative products and services that hinder
our growth. Competing services tied to established banks and other financial institutions may offer greater liquidity and create greater consumer confidence in the safety and efficiency of their services than PagSeguro. Mergers and acquisitions by
or among these companies may lead to even larger competitors with more resources. We&nbsp;also expect new entrants to offer competitive products and services. For example, established banks and other financial institutions currently offer online
payments and those which do not yet provide such services could quickly and easily develop them. Certain merchants have longstanding exclusive, or nearly exclusive, relationships with our competitors to accept payment cards and other services that
we offer. These relationships may make it difficult or cost prohibitive for us to conduct material amounts of business with them. If we are unable to differentiate ourselves from and successfully compete with our competitors, our business will
suffer serious harm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may also face pricing pressures from competitors. Certain competitors are able to offer lower prices to merchants
for similar services by cross-subsidizing their digital payments services using other services they offer. This competition may mean we need to reduce our pricing, which could reduce our profits. As they grow, merchants may demand more customized
and favorable pricing from us, and competitive pressures may require us to agree to this, further reducing our profits. If market conditions require us to increase the discounts or incentives we provide, our business could suffer serious harm. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interruption or failure of our information technology and communications systems could impair our operations, which could damage our reputation and harm
our results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our success and ability to process payments and provide high quality customer service depend on the
efficient and uninterrupted operation of our computer and information technology systems. Any failure of our computer systems and information technology to operate effectively or to integrate with other systems, performance inadequacy or breach in
security may cause interruptions in the availability of our sites, delays in product fulfillment and reduced efficiency of our operations. Any failures, problems or security breaches may mean that fewer customers are willing to purchase the products
we offer in the future. Factors that could occur and significantly disrupt our operations include: system failures and outages caused by fire, floods, earthquakes, power loss, telecommunications failures, sabotage, vandalism, terrorist attacks and
similar events, software errors, computer viruses, worms, physical or electronic <FONT STYLE="white-space:nowrap">break-ins</FONT> and similar disruptions from unauthorized tampering with our computer systems and data centers; in addition, security
breaches related to the storage and transmission of proprietary information or customer information, such as credit card numbers or other personal information. Also, if too many customers access our sites within a short period of time due to any
reason, we have experienced in the past and may in the future experience system interruptions that make our sites unavailable or prevent us from efficiently completing payment transactions, which may reduce the attractiveness of our products and
services. We cannot assure you that such events will not occur. While we have backup systems and contingency plans for certain aspects of our operations and business processes, our planning does not account for all possible scenarios. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Specifically, we have contracted with one party, UOL Diveo, to provide us with Internet data centers to host our sites and keep them
operational, and we rely on it and its operational, privacy and security procedures and controls and its ability to keep our sites operational. UOL Diveo is controlled by our parent company UOL and is therefore an affiliate of our company. Failure
by UOL Diveo to adequately keep our sites operational, including any prolonged or unscheduled service disruption that affects our customers&#146; ability to utilize our sites, could result in the loss of sales and customers and/or increased costs,
which could materially affect our reputation or results of operations. In addition, we rely in part on UOL Diveo to advise us of any security breaches. If UOL Diveo does not provide notice on a timely basis, our reputation and results of operations
may be harmed. We may not be able to timely replace UOL Diveo, or find a replacement on a cost-efficient basis, in the event of disruptions, failures to provide services or other issues with it that may harm our business. For more information on our
agreement with UOL Diveo, see &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Related Party Transactions.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any
disruptions or service interruptions that affect our sites could damage our reputation, require us to spend significant capital and other resources and expose us to a risk of loss or litigation and possible liability. Some of our agreements with
third-party service providers do not require those providers to indemnify us for losses resulting from any disruption in service. Any of the above disruptions could seriously harm our results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our business is subject to cyberattacks and security and privacy breaches. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business involves the collection, storage, processing and transmission of customers&#146; personal data, including financial information.
In addition, a significant number of our customers authorize us to bill their payment card or bank accounts directly for all transaction and other fees charged by us. We have built our reputation on the premise that our platform offers customers a
secure way to make payments. An increasing number of organizations, including large merchants and businesses, other large technology companies, financial institutions and government institutions, have disclosed breaches of their information security
systems, some of which have involved sophisticated and highly targeted attacks, including on portions of their websites or infrastructure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The techniques used to obtain unauthorized, improper or illegal access to our systems, our data or our customers&#146; data, to disable or
degrade service, or to sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized until launched against a target. Unauthorized parties may attempt to gain access to our systems or facilities through
various means, including, among others, hacking into our systems or those of our customers, partners or vendors, or attempting to fraudulently induce our employees, customers, partners, vendors or other users of our systems into disclosing user
names, passwords, payment card information or other sensitive information, which may in turn be used to access our information technology systems. Certain efforts may be supported by significant financial and technological resources, making them
even more sophisticated and difficult to detect. Although we have developed systems and processes that are designed to protect our data and customer data and to prevent data loss and other security breaches, and expect to continue to expend
significant additional resources to bolster these protections, these security measures cannot provide absolute security. Our information technology and infrastructure may be vulnerable to cyberattacks or security breaches, and third parties may be
able to access our customers&#146; personal or proprietary information and card data that are stored on or accessible through those systems. Our security measures may also be breached due to human error, malfeasance, system errors or
vulnerabilities, or other irregularities. Any actual or perceived breach of our security could interrupt our operations, result in our systems or services being unavailable, result in improper disclosure of data, materially harm our reputation and
brand, result in significant legal and financial exposure, lead to loss of customer confidence in, or decreased use of, our products and services, and adversely affect our business and results of operations. In addition, any breaches of network or
data security at our customers, partners or vendors (including data center and cloud computing providers) could have similar negative effects. Actual or perceived vulnerabilities or data breaches may lead to claims against us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, under card rules and our contracts with our card processors, if there is a breach of card information that we store, we could be
liable to the payment card issuers for their cost of issuing new cards and related expenses. We also expect to spend significant additional resources to protect against security or privacy breaches, and may be required to address problems caused by
breaches. Additionally, while we maintain insurance policies, we do not maintain insurance policies specifically for cyber-attacks and our current insurance policies may not be adequate to reimburse us for losses caused by security breaches, and we
may not be able to collect fully, if at all, under these insurance policies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our services must integrate with a variety of operating systems and networks, and the hardware that enables
merchants to accept payment cards must interoperate with mobile networks offered by telecom operators and third-party mobile devices utilizing those operating systems. If we are unable to ensure that our services or hardware interoperate with such
networks, operating systems and devices, our business may be seriously harmed. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are dependent on the ability of our products and
services to integrate with a variety of operating systems and networks, as well as web browsers that we do not control. Any changes in these systems or networks that degrade the functionality of our products and services, impose additional costs or
requirements on us, or give preferential treatment to competitive services, including their own services, could seriously harm the levels of usage of our products and services. We also rely on bank platforms to process some of our transactions. If
there are any issues with or service interruptions in these bank platforms, users may be unable to have their transactions completed, which would seriously harm our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our hardware interoperates with mobile networks offered by telecom operators and mobile devices developed by third parties.
Changes in these networks or in the design of these mobile devices may limit the interoperability of our hardware with such networks and devices and require modifications to our hardware. If we are unable to ensure that our hardware continues to
interoperate effectively with such networks and devices, or if doing so is costly, our business may be seriously harmed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our business depends on a
strong and trusted brand, and any failure to maintain, protect and enhance our brand would harm our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have developed a
strong and trusted brand, highly linked to the reputation and public image of UOL, our controlling shareholder, which has contributed significantly to the success of our business. Our brand is predicated on the idea that sellers and buyers will
trust us and find value in building and growing their businesses with our products and services. Maintaining, protecting and enhancing our brand are critical to expanding our base of sellers, buyers and other third-party partners, as well as
increasing engagement with our products and services. This will depend largely on our ability to maintain trust, be a technology leader, and continue to provide high-quality and secure products and services. Any negative publicity about our
industry, our company or UOL, our controlling shareholder, the quality and reliability of our products and services, our risk management processes, changes to our products and services, our ability to effectively manage and resolve seller and buyer
complaints, our privacy and security practices, litigation, regulatory activity, the experience of sellers and buyers with our products or services, and changes in the public opinion of UOL, could harm our reputation and the confidence in and use of
our products and services. Harm to our brand can arise from many sources, including failure by us or our partners to satisfy expectations of service and quality; inadequate protection of sensitive information; compliance failures and claims;
litigation and other claims; employee misconduct; and misconduct by our partners, service providers or other counterparties. If we do not successfully maintain a strong and trusted brand, our business could be seriously harmed. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our business is subject to extensive government regulation and oversight and our status under these regulations may change. Violation of or compliance
with present or future regulation could be costly, expose us to substantial liability and force us to change our business practices, any of which could seriously harm our business and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2014 PagSeguro Brazil applied for authorizations from the Central Bank relating to three of our digital payments activities, and we
have not yet received those authorizations. The activities involved are the PagSeguro digital account, our issuance of PagSeguro prepaid cards, and our activities as an acquirer. We applied for these authorizations because those businesses began to
be regulated by Brazilian Federal Law No.&nbsp;12,865/13, which took effect on October&nbsp;9, 2013. Although the Central Bank regulations permit us to continue carrying on these activities pending grant of the authorizations because we were already
operating these activities before Law No.&nbsp;12,865/13 became effective, there can be no assurance that we will obtain the authorizations. If we do not obtain them, or if we are found to be in violation of any current or future regulations, we
could be (i)&nbsp;required to pay substantial fines (including per transaction fines) and disgorgement of our profits, (ii)&nbsp;required to change our business practices or (iii)&nbsp;subjected to insolvency procedures such as an intervention by
the Central Bank and the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-court</FONT></FONT> liquidation of PagSeguro Brazil. We could also be subject to private lawsuits. Any of these consequences could seriously harm our
business and results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the early payment of receivables feature that we offer merchants makes up a
significant portion of our activities. Law No.&nbsp;12,865/13 prohibits payment institutions such as PagSeguro Brazil from performing activities that are restricted to financial institutions. There is some debate under Brazilian law as to whether
providing early payment of receivables to merchants could be characterized as &#147;lending&#148;, which is an activity that is restricted to financial institutions. Similarly, there is some debate as to whether the discount rates applicable to this
early payment feature should be considered as &#147;interest,&#148; in which case the limits set by the Brazilian Usury Law would apply to these rates. If new laws are enacted or the courts&#146; interpretation of this activity changes, either
preventing us from providing this feature or limiting the fees we usually charge, our financial performance could be negatively affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For further information regarding these regulatory matters, see &#147;Item 4. Information on the Company&#151;Regulation&#151;Regulation of
the digital payments industry in Brazil.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to costs and risks associated with increased or changing laws and regulations
affecting our business, including those relating to the sale of consumer products. Specifically, developments in data protection and privacy laws could harm our business, financial condition or results or operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We operate in a complex regulatory and legal environment that exposes us to compliance and litigation risks and that could materially affect
our results of operations. These laws may change, sometimes significantly, as a result of political, economic or social events. Some of the federal, state or local laws and regulations that affect us include: those relating to consumer products,
product liability or consumer protection; those relating to the manner in which we advertise, market or sell products; labor and employment laws, including wage and hour laws; tax laws or interpretations thereof; data protection and privacy laws and
regulations; and securities and exchange laws and regulations. For instance, data protection and privacy laws are developing to take into account the changes in cultural and consumer attitudes towards the protection of personal data. There can be no
guarantee that we will have sufficient financial resources to comply with any new regulations or successfully compete in the context of a shifting regulatory environment. Any additional privacy laws or regulations could seriously harm our business,
financial condition or results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may harm our
results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Changes in tax laws, regulations, related interpretations and tax accounting standards in Brazil, the
Cayman Islands or the United States may result in a higher tax rate on our earnings, which may significantly reduce our profits and cash flows from operations. For example, in 2015 the Brazilian government increased the rate of PIS/COFINS tax (which
is a social contribution on gross revenues) from 0% to 4.65% on financial income realized by Brazilian companies that are taxed under the <FONT STYLE="white-space:nowrap">non-cumulative</FONT> regime (which is the tax regime that applies to us). In
addition, our results of operations and financial condition may decline if certain tax incentives are not retained or renewed. For example, Brazilian Law No.&nbsp;11,196 currently grants tax benefits to companies that invest in research and
development, which significantly reduces our annual income tax expense. If the taxes applicable to our business increase or any tax benefits are revoked and we cannot alter our cost structure to pass our tax increases on to customers, our financial
condition, results of operations and cash flows could be seriously harmed. Our payment processing activities are also subject to a Municipal Tax on Services (<I>Imposto Sobre Servi&ccedil;os</I>, or ISS). Any increases in ISS rates would also harm
our profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Brazilian government authorities at the federal, state and local levels are considering changes in tax
laws in order to cover budgetary shortfalls resulting from the recent economic downturn in Brazil. If these proposals are enacted they may harm our profitability by increasing our tax burden, increasing our tax compliance costs, or otherwise
affecting our financial condition, results of operations and cash flows. Tax rules in Brazil, particularly at the local level, can change without notice. We may not always be aware of all such changes that affect our business and we may therefore
fail to pay the applicable taxes or otherwise comply with tax regulations, which may result in additional tax assessments and penalties for our company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, we are involved in tax proceedings based on differences of interpretation between us
and the Brazilian tax authorities regarding tax laws and regulations. For further information, see &#147;Item 8. Financial Information&#151;Tax and Social Security Proceedings.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our financial success is sensitive to the method consumers choose to make payments, since these methods differ in profitability. Our profitability could
be harmed if the proportion of our business funded using less profitable methods goes up. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We pay transaction fees to card schemes,
banks and other intermediaries that vary according to the method chosen by consumers to fund payment transactions. These transaction fees are higher when consumers fund payments using credit cards, and lower when consumers fund payments with debit
cards. Transaction fees are nominal when customers fund payment transactions by digital transfer of funds from bank accounts, and we pay no fees when customers fund payment transactions from an existing PagSeguro account balance. Our financial
success is therefore sensitive to changes in the proportion of our business funded by consumers using credit and debit cards, which would increase our costs if we were unable to adjust the rates we charge our customers accordingly. Consumers may
resist funding payments by digital transfer from bank accounts because of the incentives offered by credit cards, for example, or general concerns about providing bank account information to a third party. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Failure to deal effectively with fraud, fictitious transactions, bad transactions or negative customer experiences would increase our loss rate and harm
our business, and could severely diminish merchant and consumer confidence in and use of our services. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We incur losses and
expenses due to claims from consumers that merchants have not performed or that their goods or services do not match the merchant&#146;s description. We seek to recover these losses and expenses from the merchant, but may not be able to recover them
in full when the merchant is unwilling or unable to pay. We also incur losses and expenses from claims that the consumer did not authorize the purchase, from consumer fraud and from erroneous transmissions. In addition, if the losses we incur
related to card transactions become excessive, they could potentially result in a loss of our right to accept cards for payment. In the event that we were unable to accept cards, the number of transactions processed through our platform would
decrease substantially and our business would be harmed. We are also subject to the risk of fraudulent activity by merchants, consumers of products purchased through our platform, or third parties handling our user information. We take measures to
detect and reduce the risk of fraud, but these measures need to be continually improved and may not be effective against new and continually evolving forms of fraud or in connection with new product offerings. If these measures do not succeed, our
business could be harmed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We rely on third parties in many aspects of our business, which creates additional risk. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We rely on third parties in many aspects of our business, including, among others: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">networks, banks, payment processors, and payment gateways that link us to the payment card and bank clearing networks to process transactions; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">third parties that provide certain outsourced customer support and product development functions, which are critical to our operations; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">third parties that provide facilities, infrastructure, components and services, including data center facilities and cloud computing. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The third parties that we rely on to process transactions may fail or refuse to process transactions adequately. Any of the third parties we
use may breach their agreements with us, refuse to renew these agreements on commercially reasonable terms, take actions that degrade the functionality of our services, impose additional costs or requirements on us, or give preferential treatment to
competing services. Financial or regulatory issues, labor issues, or other problems that prevent these third parties from providing services to us or our customers could harm our business. If our service providers do not perform satisfactorily, our
operations could be disrupted, which could result in customer dissatisfaction, damage our reputation, and harm our business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In particular, we rely on UOL, our largest shareholder, and its subsidiaries for a number of
business services, particularly: data storage services; telecommunications services; internet security services; software development, maintenance and management; and call center, marketing, corporate, litigation and back-office services. UOL and
its subsidiaries also provide us with advertising and media space and resell cloud services to us. For further details of these services, see &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Related Party Transactions.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our failure to manage the assets underlying our customer funds properly could harm our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ability to manage and account accurately for the assets underlying our customer funds requires a high level of internal controls. As our
business continues to grow and we expand our product offerings, we must continue to strengthen our internal controls accordingly. Our success requires significant public confidence in our ability to handle large and growing transaction volumes and
amounts of customer funds. Any failure to maintain the necessary controls or to manage the assets underlying our customer funds accurately could severely diminish customer use of our products and/or result in penalties and fines, which could harm
our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The <FONT STYLE="white-space:nowrap">e-commerce</FONT> market in Brazil is developing, and the expansion of our business depends on
the continued growth of <FONT STYLE="white-space:nowrap">e-commerce,</FONT> as well as increased availability, quality and usage of the Internet in Brazil. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our future revenues from digital payments depend substantially on consumers&#146; widespread acceptance and use of the Internet as a way to
conduct commerce. Rapid growth in the use of the Internet (particularly as a way to provide and purchase products and services) is a relatively recent phenomenon in Brazil and we cannot assure you that this acceptance and usage will continue or
increase. Furthermore, if the penetration of Internet access in Brazil does not increase quickly, it may limit our potential growth, particularly in regions with low levels of Internet quality and access and/or low levels of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Internet penetration in Brazil may never reach the levels seen in more developed countries for reasons that are beyond our control, including
the lack of necessary network infrastructure or delayed development of enabling technologies, performance improvements and security measures. The infrastructure for the Internet in Brazil may not be able to support continued growth in the number of
users, their frequency of use or their bandwidth requirements. Delays in telecommunication and infrastructure development or other technology shortfalls may impede improvements in Internet reliability in Brazil. If telecommunications services are
not sufficiently available to support the growth of the Internet in Brazil, response times could be slower, which would reduce Internet usage and harm our services. In addition, even if Internet penetration in Brazil increases, this may not lead to
growth in <FONT STYLE="white-space:nowrap">e-commerce</FONT> due to a number of factors, including lack of confidence by users in online security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, the price of Internet access and Internet-connected devices, such as personal computers, tablets, mobile phones and other
portable devices, may limit our growth, particularly in parts of Brazil with low levels of income. Income levels in Brazil are significantly lower than in the United States and other more developed countries, while prices of both portable devices
and Internet access in Brazil are higher than in those countries. Income levels in Brazil may decline and device and access prices may increase in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of these factors could limit our ability to generate revenues in future. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our quarterly results of operations and operating metrics may fluctuate and are unpredictable and subject
to seasonality, which could result in the price of our Class&nbsp;A common shares being unpredictable or declining. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our quarterly
results of operations may vary significantly and are not necessarily an indication of future performance. These fluctuations may be due to a variety of factors, some of which are outside of our control and may not fully reflect the underlying
performance of our business. In addition, we operate in a somewhat seasonal industry, which tends to experience relatively fewer transactions in the first quarters of the year, increased activity as the
<FONT STYLE="white-space:nowrap">year-end</FONT> holiday shopping season initiates, and fewer transactions after the <FONT STYLE="white-space:nowrap">year-end</FONT> holidays. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Factors that may cause fluctuations in our quarterly results of operations include our ability to attract and retain customers; the timing,
effectiveness and costs of expansion and upgrades of our systems and infrastructure, as well as the success of those expansions and upgrades; the outcomes of legal proceedings and claims; our ability to maintain or increase revenue, gross margins
and operating margins; our ability to continue introducing new services and to continue convincing customers to adopt additional offerings; increases in and timing of expenses that we may incur to grow and expand our operations and to remain
competitive; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> volatility related to fraud and risk losses; system failures resulting in the inaccessibility of our products and services; changes in the
regulatory environment, including with respect to security, privacy or enforcement of laws and regulations by regulators, including fines, orders, or consent decrees; changes in global business or macroeconomic enforcement of laws and regulations by
regulators, including fines, orders, or consent decrees; changes in global business conditions; general retail buying patterns; and the other risks described in this annual report. Future fluctuations in quarterly results may mean that our business
is less predictable and may harm the trading price of our Class&nbsp;A common shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our business could be harmed if we are unable to forecast
demand for our products accurately or to manage our product inventory adequately. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With the goal of increasing our transaction
business and POS device sales, we invest broadly in our POS unit technology. Our products, such as the Moderninha and the Minizinha, often require investments with long lead times. An inability to forecast the success of a particular product
correctly could harm our business. We must forecast inventory needs and expenses and place orders sufficiently in advance with our third-party suppliers and contract manufacturers based on our estimates of future demand for particular products. Our
ability to forecast demand for our products accurately could be affected by many factors, including an increase or decrease in demand for our products or for our competitors&#146; products, unanticipated changes in general market conditions, and the
change in economic conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we underestimate demand for a particular product, our contract manufacturers and suppliers may not be
able to deliver sufficient quantities of that product to meet our requirements, and we may experience a shortage of that product available for sale or distribution. The shortage of a popular product could seriously harm our brand, our seller
relationships, the acquisition of additional sellers and our total transaction business. If we overestimate demand for a particular product, we may have excess inventory for that product and the excess inventory may become obsolete or out of date.
Inventory levels in excess of demand may lead us to write down or write off the inventory or sell excess inventory at further discounted prices, which could harm our profit and our business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Some of the key components of our POS devices are sourced from a limited number of suppliers. We are therefore at risk of shortage, price increases,
changes, delay or discontinuation of key components, which could disrupt and harm our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of the key components used to
manufacture our POS devices, such as the chip and pin reader, come from limited sources of supply. In addition, we currently rely on one manufacturer to manufacture, test and assemble a significant amount of our POS devices. The agreements for the
components used to manufacture our POS devices are entered into directly by the manufacturer of our POS devices and we do not have agreements with these suppliers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Due to reliance of our POS manufacturers on these components, we are subject to the risk of
shortages and long lead times in the supply of certain products. If our manufacturers cannot find alternative sources of supply, we could be subject to components shortages or delays or other problems in product assembly. In addition, various
sources of supply-chain risk, including strikes or shutdowns, or loss of or damage to our products while they are in transit or storage, could limit the supply of our POS devices. Any interruption or delay in component supply, any increases in
component costs, the inability of our manufacturers to obtain these parts or components from alternate sources at acceptable prices and within a reasonable amount of time, and/or difficulties in fulfilling obligations in connection with the
warranties we provide for our POS devices, would harm our ability to provide our POS devices or other services to our merchants on a timely basis. This could hurt our relationships with our customers, prevent us from acquiring new customers, and
seriously harm our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to anticorruption, anti-bribery and anti-money laundering laws and regulations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to various anticorruption, anti-bribery and anti-money laundering laws and regulations that prohibit, among other things, our
involvement in improper payments to certain public officials for the purpose of obtaining advantages or in transferring the proceeds of criminal activities. We have programs designed to comply with new and existing legal and regulatory requirements.
However, any errors, failures, or delays in complying with anticorruption, anti-bribery and anti-money laundering laws and regulations could result in significant criminal and civil lawsuits, penalties, forfeiture of significant assets, or other
enforcement actions, as well as reputational harm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regulators may increase enforcement of these obligations, which may require us to
further revise or expand our compliance program, including the procedures we use to verify the identity of our customers and to monitor our transactions. Regulators regularly reexamine the transaction volume thresholds at which we must obtain and
keep applicable records or verify identities of customers and any change in such thresholds could result in greater costs for compliance. Costs associated with fines or enforcement actions, changes in compliance requirements, or limitations on our
ability to grow could harm our business and any new requirements or changes to existing requirements could impose significant costs, result in delays to planned product improvements, make it more difficult for new customers to join our network and
reduce the attractiveness of our products and services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The loss of any member of our management team and our inability to make up for such loss
with a qualified replacement, could harm our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business depends upon the efforts and skill of our senior management,
who has played an important role in shaping our company culture. Our future success depends to a significant extent on the continued service of our senior management team, who are critical to the development and the execution of our business
strategies. Any member of our senior management team may leave us to set up or work in businesses that compete with ours. There is no guarantee that the compensation arrangements and noncompetition agreements we have entered into with our senior
management team are sufficiently broad or effective to prevent them from resigning in order to set up or join a competitor, or that the noncompetition agreements would be upheld in a court of law. In the event that a number of our senior management
members leave our company, we may have difficulty finding suitable replacements, which could seriously harm us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our future success also
depends on our ability to identify, attract, hire, train, retain, motivate and manage other highly skilled technical, managerial, information technology, marketing, product, risk management and customer service personnel. Competition for these
personnel is intense, and we may not be able to successfully attract, hire, train, retain, motivate and manage sufficiently qualified personnel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We
partially rely on card issuers or card schemes to process our transactions. Changes to credit card scheme fees, rules or practices may harm our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We partially rely on card issuers or card schemes to process our transactions, and must pay a fee for this service. From time to time, card
schemes such as MasterCard and Visa may increase the interchange fees that they charge for each transaction using one of their cards. Credit card processors have the right to pass any increases in interchange fees on to us as well as increase their
own fees for processing. In addition, card schemes have imposed and may again impose special assessments for transactions that are executed through a &#147;digital wallet,&#148; and these fees could particularly affect us and significantly increase
our costs. These increased fees increase our operating costs and reduce our profit margins. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are also required by credit card schemes to comply with their operating rules. The credit card
schemes and their member banks set and interpret these rules. The bank accounts offered by those member banks compete with our digital account services. Visa, MasterCard, American Express or other credit card companies could adopt new operating
rules or reinterpret existing rules that we or our processors might find difficult or even impossible to follow. As a result, we could lose our ability to provide our customers the option of using credit cards to fund their payments and our users
the option to pay their fees using a credit card. If we were unable to accept credit cards, our business would be seriously harmed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
could lose the right to accept credit cards or could be required to pay fines if credit card schemes such as MasterCard or Visa determine that users are using our platform to engage in illegal or &#147;high risk&#148; activities, or if users
generate a large volume of chargebacks related to fraudulent transactions. Additionally, we may be unable to access financing in the credit and capital markets at reasonable rates to fund our operations and for that reason our profitability and
total transaction business could decline significantly. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We might not successfully implement strategies to increase adoption of our digital payment
methods, which would limit our growth. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our future profitability will depend, in part, on our ability to successfully implement our
strategy to increase adoption of our digital payment methods. We cannot assure you that the market for digital payments will continue to grow or will remain viable. We expect to invest substantial amounts to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">drive consumer and merchant awareness of digital payments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">encourage consumers and merchants to sign up for and use our digital payment products; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">enhance our infrastructure to handle seamless processing of transactions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">continue to develop state of the art, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">easy-to-use</FONT></FONT> technology; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top">expand our operations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">increase the number of users who collect and pay digitally; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">grow and diversify our customer base. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Despite these investments, we may fail to implement
these programs successfully or to increase substantially the number of customers who pay for our digital payment methods. This would hold back any growth in our revenues and harm our business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to establish and maintain proper and effective internal controls over financial reporting, our results of operations and our ability to
operate our business may be harmed. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to the Sarbanes-Oxley Act, which requires, among other things, that we
establish and maintain effective internal controls over financial reporting and disclosure controls and procedures. Under the SEC&#146;s current rules, starting in 2018 we will be required to perform system and process evaluation and testing of our
internal controls over financial reporting to allow management to assess the effectiveness of our internal controls. Our testing may reveal deficiencies in our internal controls that are deemed to be material weaknesses or significant deficiencies
and render our internal controls over financial reporting ineffective. We expect to incur additional accounting and auditing expenses and to spend significant management time in complying with these requirements. If we are not able to comply with
these requirements in a timely manner, or if we or our management identifies material weaknesses or significant deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses, the market price of our
Class&nbsp;A common shares may decline and we may be subject to investigations or sanctions by the SEC, the Financial Industry Regulatory Authority, Inc., or FINRA, or other regulatory authorities. In addition, we may be required to expend
significant management time and financial resources to correct any material weaknesses that may be identified or to respond to any regulatory investigations or proceedings. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our operating results are affected by decreases in consumer discretionary spending. Changes in
macroeconomic conditions may reduce the volume and prices of transactions on our payments platforms and harm our growth strategies and business prospects. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our operating results are affected by the condition of the economy. Our business and financial performance may be harmed by current and future
economic conditions that cause a decline in business and consumer spending, including a reduction in the availability of credit, increased unemployment levels, higher energy and fuel costs, rising interest rates, financial market volatility and
recession. Additionally, we may experience difficulties in operating and growing our operations as a result of economic pressures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a
business that depends on consumer discretionary spending, we may suffer harm if our merchants&#146; customers reduce their purchases due to continued job losses, foreclosures, bankruptcies, higher consumer debt and interest rates, reduced access to
credit, lower consumer confidence, uncertainty or changes in tax policies and tax rates. Decreases in customer traffic or average value per transaction negatively affect our financial performance, and a prolonged period of depressed consumer
spending could seriously harm our business. Promotional activities and decreased demand for consumer products, particularly <FONT STYLE="white-space:nowrap">higher-end</FONT> products, could affect our profitability. The potential effects of the
ongoing economic crisis in Brazil are difficult to forecast and mitigate. Any of the foregoing could seriously harm our business, results of operations and financial condition and could cause the trading price of our Class&nbsp;A common shares to
decline. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Increases in interest rates may harm our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Processing consumer transactions made using credit cards, as well as providing early payment of receivables to merchants when consumers make
credit card purchases in installments, both make up a significant portion of our activities. If Brazilian interest rates increase, consumers may choose to make fewer purchases using credit cards; and fewer merchants may decide to use our early
payment of receivables feature if our overall financing costs require us to increase the discount rate we charge for this feature. Either of these factors could cause our business activity levels to decrease. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Customer complaints or negative publicity about our customer service could reduce usage of our products and, as a result, our business could suffer.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer complaints or negative publicity about our customer service could severely diminish consumer confidence in and use of our
product. Breaches of our customers&#146; privacy and our security measures could have the same effect. Measures we sometimes take to combat risks of fraud and breaches of privacy and security, such as freezing customer funds, can damage relations
with our customers. These measures heighten the need for prompt and accurate customer service to resolve irregularities. Effective customer service requires significant expenses, which, if not managed properly, could impact our profitability
significantly. Any inability by us to manage or train our customer service representatives properly could compromise our ability to handle customer complaints effectively. If we do not handle customer complaints effectively, our reputation may
suffer and we may lose our customers&#146; confidence. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are susceptible to illegal or improper uses of our platform, which could expose us to additional
liability and harm our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We, like our platforms, are susceptible to potentially illegal or improper uses. These may
include illegal online gambling, fraudulent sales of goods or services, illicit sales of prescription medications or controlled substances, software and other intellectual property piracy, money laundering, bank fraud, child pornography trafficking,
terrorist financing, prohibited sales of alcoholic beverages and tobacco products and online securities fraud. The owners of intellectual property rights or government authorities may seek to bring legal action against us if our platform is used for
the sale of infringing items. These claims could result in reputational harm and any resulting liabilities, loss of transaction volume or increased costs could harm our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our services could be subject to unauthorized credit card use, identity theft, employee fraud or other internal security
breaches. We may incur significant costs to protect against the threat of information security breaches or to respond to or alleviate problems caused by any breaches. Laws may require us to notify regulators, customers or employees of security
breaches and we may be required to reimburse customers or banks for any funds stolen as a result of any breaches or to provide credit monitoring or identity theft protection in the event of a privacy breach. These requirements, as well as any
additional restrictions that may be imposed by credit card companies, could raise our costs significantly and reduce our attractiveness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the direct costs of such losses, if they are related to credit card transactions and become excessive they could result in us
losing the right to accept credit cards for payment. Since credit cards are the most widely used method for our customers to pay for the products we sell, our business will be harmed if we are unable to accept credit cards. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Unauthorized disclosure of sensitive or confidential customer information or our failure or the perception by our customers that we failed to comply
with privacy laws or properly address privacy concerns could harm our business and standing with our customers. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We collect, store,
process, and use certain personal information and other user data in our business. A significant risk associated with <FONT STYLE="white-space:nowrap">e-commerce</FONT> and communications is the secure transmission of confidential information over
public networks. The perception of privacy concerns, whether or not valid, may harm our business and results of operations. We must ensure that all processing, collection, use, storage, dissemination, transfer and disposal of data for which we are
responsible comply with relevant data protection and privacy laws. The protection of our customer, employee and company data is critical to us. Currently, a number of our users authorize us to bill their credit card accounts directly. We rely on
commercially available systems, software, tools and monitoring to provide secure processing, transmission and storage of confidential customer information, such as credit card and other personal information. Despite the security measures we have in
place, our facilities and systems, and those of our third-party service providers, may be vulnerable to security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming or human errors, or other similar events. Any
security breach, or any perceived failure involving the misappropriation, loss or other unauthorized disclosure of confidential information, as well as any failure or perceived failure to comply with laws, policies, legal obligations or industry
standards regarding data privacy and protection, whether by us or our vendors, could damage our reputation, expose us to litigation risk and liability, subject us to negative publicity, disrupt our operations and harm our business. Our security
measures may fail to prevent security breaches, which could harm our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We have only a limited ability to protect our intellectual property
rights, which are important to our&nbsp;success. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe the protection of our intellectual property, including our trademarks,
patents, copyrights, domain names, trade dress, and trade secrets, is critical to our success. We seek to protect our intellectual property rights by relying on applicable laws and regulations, as well as a variety of administrative procedures. We
also rely on contractual restrictions to protect our proprietary rights when offering or procuring products and services, including confidentiality agreements with parties with whom we conduct business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, contractual arrangements and other steps we have taken to protect our intellectual
property may not prevent third parties from infringing or misappropriating our intellectual property or deter independent development of equivalent or superior intellectual property rights by others. Trademark, copyright, patent, domain name, trade
dress and trade secret protection is expensive to maintain and may require litigation. Protecting our intellectual property rights and other proprietary rights is expensive and time-consuming and may not be successful in every jurisdiction. Also, we
may not be able to discover or determine the extent of any unauthorized use of our proprietary rights. We have licensed certain of our proprietary rights, such as trademarks or copyrighted material, to others in the past, and expect to do so in the
future. These licensees may take actions that diminish the value of our proprietary rights or harm our reputation. Any failure to protect or enforce our intellectual property rights adequately, or significant costs incurred in doing so, could
materially harm our business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As the number of products in the software industry increases and the functionalities of these products
further overlap, and as we acquire technology through acquisitions or licenses, we may become increasingly subject to infringement claims, including patent, copyright, and trademark infringement claims. We may be required to enter into litigation to
determine the validity and scope of the patents or other intellectual property rights of others. The ultimate outcome of any allegation is uncertain and, regardless of the outcome, any such claim, with or without merit, may be time-consuming, result
in costly litigation, divert management&#146;s time and attention from our business, require us to stop selling, delay shipping, or redesign our products, or require us to pay substantial amounts to satisfy judgments or settle claims or lawsuits or
to pay substantial royalty or licensing fees, or to satisfy indemnification obligations that we have with some of our customers. Our failure to obtain necessary license or other rights, or litigation or claims arising out of intellectual property
matters, may harm our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If we continue to grow, we may not be able to appropriately manage the increased size of our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are currently experiencing a period of significant expansion and anticipate that further expansion will be required to address potential
growth in our customer base and market opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We must constantly add new hardware, update software, enhance and improve our
billing and transaction systems, and add and train new engineers and other personnel to accommodate the increased use of our platforms and the new products and features we regularly introduce. This upgrade process is expensive, and the increasing
complexity and enhancement of our website results in higher costs. Failure to upgrade our technology, features, transaction processing systems, security infrastructure, or network infrastructure to accommodate increased traffic or transaction volume
could harm our business. Adverse consequences could include unanticipated system disruptions, slower response times, degradation in levels of customer support, impaired quality of users&#146; experiences of our services and delays in reporting
accurate financial information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our revenues depend on prompt and accurate transaction processes. Our failure to grow our
transaction-processing capabilities to accommodate the increasing number of transactions that must be billed on our website would harm our business and our ability to collect revenue. Furthermore, we may need to enter into relationships with various
strategic partners, websites and other online service providers and other third parties necessary to our business. The increased complexity of managing multiple commercial relationships could lead to execution problems that can affect current and
future revenues, and operating margins. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We cannot assure you that our current and planned systems, procedures and controls, personnel and
third-party relationships will be adequate to support our future operations. In addition, our current expansion has placed a significant strain on management and on our operational and financial resources, and this strain is expected to continue.
Our failure to manage growth effectively could seriously harm our business, results of operations and financial condition. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Failure to maintain sufficient working capital could limit our growth and harm our business, financial
condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have significant working capital requirements, primarily driven by payment terms agreed
with our merchant clients and the extended payment terms that they offer their customers. Differences between the date when we pay our merchant clients and the date when we receive payments from financial institutions may harm our liquidity and our
cash flows. We expect our working capital needs to increase as our total transaction business increases. In order to finance our working capital needs, we have recently been entering into financing arrangements that decrease the amount of time it
takes for us to collect our accounts receivable, and to increase the amount of time we have to pay our accounts payable. We believe these financing arrangements allow us to gain access to capital faster and more cheaply than we would otherwise be
able to. There can be no assurance that these types of financing arrangements will continue to be available to us on acceptable terms, or at all. If we do not have sufficient working capital, we may not be able to pursue our growth strategy, respond
to competitive pressures or fund key strategic initiatives, such as the development of our sites, which may harm our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may face restrictions and penalties under the Brazilian Consumer Protection Code in the future. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil has a series of strict consumer protection laws, referred to together as the Consumer Protection Code (<I>C&oacute;digo de Defesa do
Consumidor</I>). These laws apply to all companies in Brazil that supply products or services to Brazilian consumers. They include protection against misleading and deceptive advertising, protection against coercive or unfair business practices and
protection in the formation and interpretation of contracts, usually in the form of civil liabilities and administrative penalties for violations. These penalties are often levied by the Brazilian Consumer Protection Agencies
(<I>Funda&ccedil;&atilde;o de Prote&ccedil;&atilde;o e Defesa do Consumidor</I>, or PROCONs), which oversee consumer issues on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">district-by-district</FONT></FONT> basis. Companies
that operate across Brazil may face penalties from multiple PROCONs, as well as from the National Secretariat for Consumers (<I>Secretaria Nacional do Consumidor</I>, or SENACON). Companies may settle claims made by consumers via PROCONs by paying
compensation for violations directly to consumers and through a mechanism that allows them to adjust their conduct, called a conduct adjustment agreement (<I>Termo de Ajustamento de Conduta</I>, or TAC). Brazilian Public Prosecutors may also
commence investigations of alleged violations of consumer rights, and the TAC mechanism is also available as a sanction in those proceedings. Companies that violate TACs face potential automatic fines. Brazilian Public Prosecutors may also file
public civil actions against companies who violate consumer rights, seeking strict observation of the consumer protection laws and compensation for any damages to consumers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, we had approximately 3,600<B> </B>active judicial proceedings and proceedings with PROCONs and small claims courts
relating to consumer rights. Most of these proceedings are related to consumer allegations of <FONT STYLE="white-space:nowrap">non-delivery</FONT> of products by merchants and requests for withdrawal of digital account balances that were blocked by
PagSeguro because they were under investigation for fraud or undergoing claim resolution. To the extent consumers file such claims against us in the future, we may be required to pay fines for noncompliance that could harm our results of operations.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to regulatory activity and antitrust litigation under competition laws. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We receive scrutiny from various governmental agencies under competition laws. Other companies or governmental agencies may allege that our
actions violate antitrust or competition laws, or otherwise constitute unfair competition. Contractual agreements with buyers, sellers, or other companies could give rise to regulatory action or antitrust investigations or litigation. Also, our
unilateral business practices could give rise to regulatory action or antitrust investigations or litigation. Any such claims and investigations, even if they are unfounded, are usually very expensive to defend, involve negative publicity and
substantial diversion of management time and effort, and could result in significant judgments against us. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Unfavorable outcomes in litigation or our inability to post judicial collateral or provide guarantees in
pending legal or administrative proceedings could have a material adverse effect on our business, financial condition and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are defendants in a significant number of judicial proceedings, including indemnity, labor and tax proceedings. At December&nbsp;31, 2017,
we had recorded R$4.3<B></B>&nbsp;million in provisions for current civil proceedings and no provisions for <FONT STYLE="white-space:nowrap">non-current</FONT> civil proceedings; and at December&nbsp;31, 2016, we had recorded R$0.6&nbsp;million in
provisions for current civil proceedings and no provisions for <FONT STYLE="white-space:nowrap">non-current</FONT> civil proceedings. We have not recorded any provisions with respect to our proceedings in which our chance of loss has been deemed
possible. We cannot guarantee that such proceedings will have favorable outcomes for us or that the provisions made will be sufficient to pay any amounts due. Any proceedings that require us to make substantial payments, affect our reputation or
otherwise interfere with our business operations could have a material adverse effect on our business, financial condition and operating results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, we may not have sufficient funds to post collateral or provide guarantees in judicial or administrative proceedings that claim
substantial amounts. Even if we do not post such collateral or provide guarantees, we will be liable for paying any amounts due pursuant to any unfavorable outcomes in legal proceedings. We cannot assure you that, if we cannot make such payments,
our assets, including financial assets, will not be attached, or that we will be able to obtain tax good standing certificates, all of which may have a material adverse effect on our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may pursue strategic acquisitions or investments. The failure of an acquisition or investment to produce the anticipated results, or the inability to
integrate an acquired company fully, could harm our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may from time to time acquire or invest in complementary
companies or businesses. The success of an acquisition or investment will depend on our ability to make accurate assumptions regarding the valuation, operations, growth potential, integration and other factors related to that business. We cannot
assure you that our acquisitions or investments will produce the results that we expect at the time we enter into or complete a given transaction. Furthermore, acquisitions may result in difficulties integrating the acquired companies, and may
result in the diversion of our capital and our management&#146;s attention from other business issues and opportunities. We may not be able to integrate successfully the operations that we acquire, including their personnel, financial systems,
distribution or operating procedures. If we fail to integrate acquisitions successfully, our business could suffer. In addition, the expense of integrating any acquired business and their results of operations may harm our operating results. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our developer platforms, which are open to merchants and third-party developers, subject us to additional risks. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We provide third-party developers with access to application programming interfaces, software development kits and other tools designed to
allow them to produce applications for use, with a particular focus on mobile applications. There can be no assurance that merchants or third-party developers will develop and maintain applications and services on our open platforms on a timely
basis or at all. A number of factors could cause them to curtail or stop development for our platforms. In addition, our business is subject to many regulatory restrictions. It is possible that merchants and third-party developers who utilize our
development platforms or tools could violate these regulatory restrictions and we may be held responsible for such violations, which could harm our business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are a holding company and do not have any material assets other than the shares of our subsidiaries. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a Cayman Islands exempted company with limited liability. Our material assets are our direct and indirect equity interests in our
subsidiaries, particularly Pagseguro Internet S.A., our Brazilian operating company, which we refer to as PagSeguro Brazil. We&nbsp;are, therefore, dependent upon payments, dividends and distributions from our subsidiaries for funds to pay our
operating and other expenses and to pay future cash dividends or distributions, if any, to holders of our Class&nbsp;A common shares or Class&nbsp;B common shares, and we may have tax costs in connection with any dividend or distribution.
Furthermore, exchange rate fluctuations will affect the U.S. dollar value of any distributions our subsidiaries make with respect to our equity interests in those subsidiaries. See &#147;&#151;Risks Relating to Brazil&#151;The Brazilian federal
government has exercised, and continues to exercise, significant influence over the Brazilian economy. This involvement as well as Brazil&#146;s political and economic conditions could harm us and the price of our Class&nbsp;A common shares,&#148;
&#147;&#151;Risks Relating to Our Class&nbsp;A Common Shares&#151;We have not adopted a dividend policy with respect to future dividends. If we do not declare any dividends in the future, you will have to rely on price appreciation of our
Class&nbsp;A common shares in order to achieve a return on your investment.&#148; and &#147;Item&nbsp;10. Additional Information&#151;Memorandum and Articles of Association&#151;Dividends and Capitalization of Profits.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>An occurrence of a natural disaster, widespread health epidemic or other outbreaks could seriously harm our
business, financial condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Natural disasters, such as fires or floods, the outbreak of a widespread
health epidemic, or other events, such as wars, acts of terrorism, political events, environmental accidents, power shortages or communication interruptions could seriously harm our business. The occurrence of a disaster or similar event could
materially disrupt our business and operations. These events could also cause us to close our operating facilities temporarily, which would severely disrupt our operations and seriously harm our business, financial condition and results of
operations. In addition, our net sales could be significantly reduced to the extent that a natural disaster, health epidemic or other major event harms the economy of Brazil or any other jurisdictions where we may operate. Our operations could also
be severely disrupted if our consumers, merchants or other participants were affected by natural disasters, health epidemics or other major events. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to Brazil </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Brazilian federal
government has exercised, and continues to exercise, significant influence over the Brazilian economy. This involvement as well as Brazil&#146;s political and economic conditions could harm us and the price of our Class&nbsp;A common shares.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Brazilian federal government frequently exercises significant influence over the Brazilian economy and occasionally makes
significant changes in policy and regulations. The Brazilian government&#146;s actions to control inflation and other policies and regulations have often involved, among other measures, increases in interest rates, changes in tax policies, price
controls, foreign exchange rate controls, currency devaluations, capital controls and limits on imports. We have no control over and cannot predict what measures or policies the Brazilian government may take in the future. We and the market price of
our securities may be harmed by changes in Brazilian government policies, as well as general economic factors, including, without limitation: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">growth or downturn of the Brazilian economy; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">interest rates and monetary policies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">exchange rates and currency fluctuations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">inflation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">liquidity of the domestic capital and lending markets; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">import and export controls; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">exchange controls and restrictions on remittances abroad; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">modifications to laws and regulations according to political, social and economic interests; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fiscal policy and changes in tax laws; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">economic, political and social instability; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">labor and social security regulations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">energy and water shortages and rationing; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other political, social and economic developments in or affecting Brazil. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Brazil
is currently experiencing a recession and weak macroeconomic conditions are expected to continue through at least the first six months of 2018, see &#147;Item 5. Operating and Financial Review and Prospects&#151;Principal Factors Affecting Our
Financial Condition and Results of Operations.&#148; We cannot predict what measures the Brazilian federal government will take in the face of mounting macroeconomic pressures or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Uncertainty over whether the Brazilian federal government will implement changes in policy or regulation affecting these or other factors in
the future may affect economic performance and contribute to economic uncertainty in Brazil, which may have an adverse effect on us and our Class&nbsp;A common shares. Recent economic and political instability has led to a negative perception of the
Brazilian economy and higher volatility in the Brazilian securities markets, which also may adversely affect us and our Class&nbsp;A common shares. See &#147;Item 5. Operating and Financial Review and Prospects&#151;Principal Factors Affecting Our
Financial Condition and Results of Operations &#151;Brazilian political environment and macroeconomic conditions, interest rates, consumer credit and consumer spending.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The ongoing economic uncertainty and political instability in Brazil may harm us and the price of our
Class&nbsp;A common shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil&#146;s political environment has historically influenced, and continues to influence, the
performance of the country&#146;s economy. Political crises have affected and continue to affect the confidence of investors and the general public, which have historically resulted in economic deceleration and heightened volatility in the
securities issued by Brazilian companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The recent economic instability in Brazil has contributed to a decline in market confidence in
the Brazilian economy as well as to a deteriorating political environment. Weak macroeconomic conditions in Brazil are expected to continue through at least the first six months of 2018. In addition, various ongoing investigations into allegations
of money laundering and corruption being conducted by the Office of the Brazilian Federal Prosecutor, including the largest such investigation, known as &#147;<I>Opera&ccedil;&atilde;o Lava Jato</I>&#148;, have negatively impacted the Brazilian
economy and political environment. Members of the Brazilian government as well as senior officers of large state-owned companies have faced or are currently facing allegations of corruption and money laundering as a result of these investigations.
These individuals are alleged to have accepted bribes by means of kickbacks on contracts granted by the government to several infrastructure, oil and gas and construction companies. The profits of these kickbacks allegedly financed the political
campaigns of political parties forming the previous government&#146;s coalition that was led by former President Dilma Rousseff, which funds were unaccounted for or not publicly disclosed. These funds were also allegedly destined toward the personal
enrichment of certain individuals. A number of senior politicians, including members of Congress, and high-ranking executives officers of major corporations and state-owned companies in Brazil have been arrested, convicted of various charges
relating to corruption, entered into plea agreements with federal prosecutors and/or have resigned or been removed from their positions. The potential outcome of <I>Opera&ccedil;&atilde;o Lava Jato</I> as well as other ongoing corruption-related
investigations is uncertain, but they have already hurt the image and reputation of those companies that have been implicated as well as the general market perception of the Brazilian economy, political environment and the Brazilian capital markets.
We have no control over, and cannot predict, whether such investigations or allegations will lead to further political and economic instability or whether new allegations against government officials will arise in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">President Dilma Rousseff was suspended from office on May&nbsp;12, 2016, when the Brazilian Senate voted to hold a trial on impeachment
charges against her. President Rousseff was replaced by Vice-President Michel Temer, who served as acting President until Ms.&nbsp;Rousseff was permanently removed from office by the Senate on August&nbsp;31, 2016 for infringing budgetary laws.
Michel Temer then became President for the remainder of the presidential term, which is due to end in October 2018. In June 2017, the Brazilian Higher Electoral Court (<I>Tribunal Superior Eleitoral</I>) cleared the electoral alliance formed by
Ms.&nbsp;Rousseff and Mr.&nbsp;Temer of charges that it had violated campaign finance laws in the 2014 election. President Temer remains the subject of investigations by the Brazilian Federal Police and the Office of the Brazilian Federal Prosecutor
relating to allegations of corruption, however, and may ultimately be subject to impeachment proceedings before his presidential term ends. We cannot predict how the ongoing investigations and proceedings will affect us or the price of our
Class&nbsp;A common shares. Furthermore, uncertainty over whether the acting Brazilian government will implement changes in policy or regulation in the future may contribute to economic uncertainty in Brazil and to heightened volatility in the
securities issued abroad by Brazilian companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, political demonstrations in Brazil over the last few years have affected
the development of the Brazilian economy and investors&#146; perceptions of Brazil. For example, street protests, which started in <FONT STYLE="white-space:nowrap">mid-2013</FONT> and continued through 2016, demonstrated the public&#146;s
dissatisfaction with the worsening Brazilian economic condition (including an increase in inflation and fuel prices as well as rising unemployment), the perception of widespread corruption, as well as the potential for severe water and electricity
rationing following a decrease in rainfall and water reservoir levels throughout Brazil in early 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of the above factors may
create additional political uncertainty, which could harm the Brazilian economy and, consequently, our business and the price of our Class&nbsp;A common shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Inflation and certain measures by the Brazilian government to curb inflation have historically harmed the
Brazilian economy and Brazilian capital markets, and high levels of inflation in the future would harm our business and the price of our Class&nbsp;A common shares. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the past, Brazil has experienced extremely high rates of inflation. Inflation and some of the measures taken by the Brazilian government in
an attempt to curb inflation have had significant negative effects on the Brazilian economy generally. Inflation, policies adopted to curb inflationary pressures and uncertainties regarding possible future governmental intervention have contributed
to economic uncertainty and heightened volatility in the Brazilian capital markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the National Consumer Price Index
(<I>&Iacute;ndice Nacional de Pre&ccedil;os ao Consumidor Amplo</I>), or IPCA, Brazilian inflation rates were 3.0%, 6.3% and 10.7% in 2017, 2016 and 2015, respectively. Brazil may experience high levels of inflation in the future and inflationary
pressures may lead to the Brazilian government&#146;s intervening in the economy and introducing policies that could harm our business and the price of our Class&nbsp;A common shares. In the past, the Brazilian government&#146;s interventions
included the maintenance of a restrictive monetary policy with high interest rates that restricted credit availability and reduced economic growth, causing volatility in interest rates. For example, the SELIC (<I>Sistema Especial de
Liquida&ccedil;&atilde;o e de Cust&oacute;dia</I>), the Central Bank&#146;s overnight rate, as established by the Monetary Policy Committee (<I>Comit&ecirc; de Pol&iacute;tica Monet&aacute;ria do Banco Central do Brasil&#151;COPOM</I>), increased
from 10.00% at the beginning of 2014 to a high point of 14.25% in 2016 before a series of rate reductions in 2017, bringing the SELIC rate down to 7.00% as of December&nbsp;7, 2017, where it remained at
<FONT STYLE="white-space:nowrap">year-end</FONT> 2017. Conversely, more lenient government and Central Bank policies and interest rate decreases have triggered and may continue to trigger increases in inflation, and, consequently, growth volatility
and the need for sudden and significant interest rate increases, which could negatively affect us and increase our indebtedness. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exchange rate
instability may have adverse effects on the Brazilian economy, us and the price of our Class&nbsp;A common shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Brazilian
currency has been historically volatile and has been devalued frequently over the past three decades. Throughout this period, the Brazilian government has implemented various economic plans and used various exchange rate policies, including sudden
devaluations, periodic mini-devaluations (during which the frequency of adjustments has ranged from daily to monthly), exchange controls, dual exchange rate markets and a floating exchange rate system. Although long-term depreciation of the
<I>real</I> is generally linked to the rate of inflation in Brazil, depreciation of the <I>real</I> occurring over shorter periods of time has resulted in significant variations in the exchange rate between the <I>real</I>, the U.S. dollar and other
currencies. The <I>real</I> depreciated against the U.S. dollar by 32.0% at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015 as compared to <FONT STYLE="white-space:nowrap">year-end</FONT> 2014, and by 11.8% at
<FONT STYLE="white-space:nowrap">year-end</FONT> 2014 as compared to <FONT STYLE="white-space:nowrap">year-end</FONT> 2013. The <I>real</I>/U.S. dollar exchange rate reported by the Central Bank was R$3.9048 per U.S. dollar on December&nbsp;31, 2015
and R$3.2591 per U.S. dollar on December&nbsp;31, 2016, which reflected a 19.8% appreciation in the <I>real</I> against the U.S. dollar during 2016. The <I>real</I>/U.S. dollar exchange rate reported by the Central Bank was R$3.3080 per U.S. dollar
on December&nbsp;31, 2017, remaining relatively stable as compared to the rate at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016. There can be no assurance that the <I>real</I> will not again depreciate against the U.S. dollar or other
currencies in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A devaluation of the<I> real</I> relative to the U.S. dollar could create inflationary pressures in Brazil and
cause the Brazilian government to, among other measures, increase interest rates. Any depreciation of the<I> real</I> may generally restrict access to the international capital markets. It would also reduce the U.S. dollar value of our results.
Restrictive macroeconomic policies could reduce the stability of the Brazilian economy and harm our results of operations and profitability. In addition, domestic and international reactions to restrictive economic policies could have a negative
impact on the Brazilian economy. These policies and any reactions to them may harm us by curtailing access to foreign financial markets and prompting further government intervention. A devaluation of the<I> real</I> relative to the U.S. dollar may
also, as in the context of the current economic slowdown, decrease consumer spending, increase deflationary pressures and reduce economic growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the other hand, an appreciation of the<I> real</I> relative to the U.S. dollar and other foreign currencies may deteriorate the Brazilian
foreign exchange current accounts. We and certain of our suppliers purchase goods and services from countries outside Brazil, and thus changes in the value of the U.S. dollar compared to other currencies may affect the costs of goods and services
that we purchase. Depending on the circumstances, either devaluation or appreciation of the<I> real</I> relative to the U.S. dollar and other foreign currencies could restrict the growth of the Brazilian economy, as well as our business, results of
operations and profitability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Infrastructure and workforce deficiency in Brazil may impact economic growth and have a material adverse
effect on us. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our performance depends on the overall health and growth of the Brazilian economy. Brazilian GDP growth has
fluctuated over the past few years, with growth of 3.0% in 2013 but decreasing to 0.5% in 2014, a contraction of 3.8% in 2015, a contraction of 3.6% in 2016 and growth of 1.0% in 2017. Growth is limited by inadequate infrastructure, including
potential energy shortages and deficient transportation, logistics and telecommunication sectors, the lack of a qualified labor force, and the lack of private and public investments in these areas, which limit productivity and efficiency. Any of
these factors could lead to labor market volatility and generally impact income, purchasing power and consumption levels, which could limit growth and ultimately have a material adverse effect on us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Developments and the perceptions of risks in other countries, including other emerging markets, the United States and Europe, may harm the Brazilian
economy and the price of Brazilian securities, including the price of our Class&nbsp;A common shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market for securities
issued by Brazilian companies is influenced by economic and market conditions in Brazil and, to varying degrees, market conditions in other Latin American and emerging markets, as well as the United States, Europe and other countries. To the extent
the conditions of the global markets or economy deteriorate, the business of Brazilian companies may be harmed. The weakness in the global economy has been marked by, among other adverse factors, lower levels of consumer and corporate confidence,
decreased business investment and consumer spending, increased unemployment, reduced income and asset values in many areas, reduction of China&#146;s growth rate, currency volatility and limited availability of credit and access to capital.
Developments or economic conditions in other emerging market countries have at times significantly affected the availability of credit to Brazilian companies and resulted in considerable outflows of funds from Brazil, decreasing the amount of
foreign investments in Brazil. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Crises and political instability in other emerging market countries, the United States, Europe or other
countries could decrease investor demand for Brazilian securities, such as our Class&nbsp;A common shares. In June 2016, the United Kingdom had a referendum in which the majority voted to leave the European Union. We have no control over and cannot
predict the effect of the United Kingdom&#146;s exit from the European Union nor over whether and to which effect any other member state will decide to exit the European Union in the future. On January&nbsp;20, 2017, Donald Trump became the
President of the United States. We have no control over and cannot predict the effect of Donald Trump&#146;s administration or policies. These developments, as well as potential crises and forms of political instability arising therefrom or any
other as of yet unforeseen development, may harm our business and the price of our Class&nbsp;A common shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Any further downgrading of
Brazil&#146;s credit rating could reduce the trading price of our Class&nbsp;A common shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may be harmed by investors&#146;
perceptions of risks related to Brazil&#146;s sovereign debt credit rating. Rating agencies regularly evaluate Brazil and its sovereign ratings, which are based on a number of factors including macroeconomic trends, fiscal and budgetary conditions,
indebtedness metrics and the perspective of changes in any of these factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil has lost its investment grade sovereign debt credit
rating with the three main U.S. based credit rating agencies, Standard&nbsp;&amp; Poor&#146;s, Moody&#146;s and Fitch. Standard&nbsp;&amp; Poor&#146;s downgraded Brazil&#146;s sovereign debt credit rating from
<FONT STYLE="white-space:nowrap">BBB-</FONT> to BB+ in September 2015, subsequently reduced it to BB in February 2016 and further reduced it to <FONT STYLE="white-space:nowrap">BB-</FONT> in January 2018 with a stable outlook. In December 2015,
Moody&#146;s placed Brazil&#146;s Baa3 sovereign debt credit rating on review and downgraded Brazil&#146;s sovereign credit rating in February 2016 to Ba2 with a negative outlook, citing the prospect for further deterioration in Brazil&#146;s
indebtedness figures amid a recession and challenging political environment. Fitch downgraded Brazil&#146;s sovereign credit rating to BB+ with a negative outlook in December 2015, citing the country&#146;s rapidly expanding budget deficit and
worse-than-expected recession, and further downgraded Brazil&#146;s sovereign debt credit rating in May 2016 to BB with a negative outlook. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil&#146;s sovereign credit rating is currently rated below investment grade by the three main credit rating agencies. Consequently the
prices of securities issued by Brazilian companies have been negatively affected. A prolongation or worsening of the current Brazilian recession and continued political uncertainty, among other factors, could lead to further ratings downgrades. Any
further downgrade of Brazil&#146;s sovereign credit ratings could heighten investors&#146; perception of risk and, as a result, cause the trading price of our Class&nbsp;A common shares to decline. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Internet regulation in Brazil is recent and still limited and several legal issues related to the Internet
are uncertain. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2014, Brazil enacted a law, which we refer to as the Internet Act, setting forth principles, guarantees, rights
and duties for the use of the Internet in Brazil, including provisions about Internet service provider liability, Internet user privacy and Internet neutrality. In May 2016, further regulations were passed in connection with the Internet Act.
However, unlike in the United States, little case law exists around the Internet Act and existing jurisprudence has not been consistent. Legal uncertainty arising from the limited guidance provided by current laws in force allows for different
judges or courts to decide very similar claims in different ways and establish contradictory jurisprudence. This legal uncertainty allows for rulings against us and could set adverse precedents, which individually or in the aggregate could seriously
harm our business, results of operations and financial condition. In addition, legal uncertainty may harm our customers&#146; perception and use of our service. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to Our Class&nbsp;A Common Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>UOL, our largest shareholder, owns 100% of our outstanding Class&nbsp;B common shares, which represent approximately 94.0% of the voting power of our
issued share capital, and controls all matters requiring shareholder approval. This concentration of ownership and voting power limits your ability to influence corporate matters. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;B common shares are entitled to 10 votes per share and our Class&nbsp;A common shares, are entitled to one vote per share. Our
Class&nbsp;B common shares are convertible into an equivalent number of Class&nbsp;A common shares and generally convert into Class&nbsp;A common shares upon transfer subject to limited exceptions. UOL controls our company and holds all of our
outstanding Class&nbsp;B common shares, representing 60.9% of our issued share capital. Because of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ten-to-one</FONT></FONT> voting ratio between our Class&nbsp;B common shares and
Class&nbsp;A common shares, these Class&nbsp;B common shares give UOL approximately 94.0% of the voting power of our issued share capital. UOL therefore controls the outcome of all decisions at our shareholders&#146; meetings, and is able to elect a
majority of the members of our board of directors. It is also be able to direct our actions in areas such as business strategy, financing, distributions, acquisitions and dispositions of assets or businesses. UOL&#146;s decisions on these matters
may be contrary to your expectations or preferences, and it may take actions that could be contrary to your interests. It will be able to prevent any other shareholders, including you, from blocking these actions. For further information regarding
shareholdings in our company, see &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Major Shareholders.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If UOL
sells or transfers any of its Class&nbsp;B common shares, they will generally convert automatically into Class&nbsp;A common shares, subject to limited exceptions, such as transfers to affiliates, to trustees for the holder or its affiliates and
certain transfers to U.S. tax exempt organizations. The fact that any Class&nbsp;B common shares convert into Class&nbsp;A common shares if UOL sells or transfers them means that UOL will in many situations continue to control a majority of the
combined voting power of our outstanding share capital, due to the voting rights of any Class&nbsp;B common shares that it retains. If our Class&nbsp;B common shares at any time represent less than 10% of the combined voting power of our
Class&nbsp;A common shares and Class&nbsp;B common shares together, however, the Class&nbsp;B common shares then outstanding will automatically convert into Class&nbsp;A common shares. For a description of the dual class structure, see &#147;Item
10. Additional Information&#151;Memorandum and Articles of Association.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Class&nbsp;A common shares eligible for future sale may cause the
market price of our Class&nbsp;A common shares to drop significantly. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market price of our Class&nbsp;A common shares may
decline as a result of sales of a large number of our Class&nbsp;A common shares in the market (including Class&nbsp;A common shares issuable upon conversion of Class&nbsp;B common shares) or the perception that these sales may occur. These sales,
or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After accounting for the 50,925,642 new Class&nbsp;A common shares issued and sold by PagSeguro Digital in our initial public offering and the
1,821,043&nbsp;new Class&nbsp;A common shares issued without cash consideration to certain members of our management who are beneficiaries under the LTIP upon completion of our initial public offering, PagSeguro Digital had a total of 315,035,292
common shares issued and outstanding immediately following our initial public offering. 192,020,861 of these shares are Class&nbsp;B common shares beneficially owned by UOL, 121,193,388 of these shares are Class&nbsp;A common shares beneficially
owned by investors who purchased shares in our initial public offering and 1,821,043 are Class&nbsp;A common shares beneficially owned by members of our management. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have outstanding 123,119,209 Class&nbsp;A common shares and 192,020,861 Class&nbsp;B common
shares. Subject to the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements described below, the Class&nbsp;A common shares sold in our initial public offering are freely tradable without restriction or further registration under the
Securities Act by persons other than our affiliates within the meaning of Rule 144 of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our shareholders or entities
controlled by them or their permitted transferees are, subject to the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements described below, able to sell their shares in the public market from time to time without registering them, subject to
certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the Securities and Exchange Commission, or the SEC. If any of our shareholders, the affiliated entities controlled by them or their respective
permitted transferees were to sell a large number of their Class&nbsp;A common shares, the market price of our Class&nbsp;A common shares may decline significantly. In addition, the perception in the public markets that sales by them might occur may
also cause the trading price of our Class&nbsp;A common shares to decline. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital has agreed with the underwriters to its
initial public offering, subject to certain exceptions, not to offer, sell or dispose of any shares in its share capital or securities convertible into or exchangeable or exercisable for any shares in its share capital during the <FONT
STYLE="white-space:nowrap">180-day</FONT> period following January&nbsp;23, 2018, the date of our initial public offering. PagSeguro Digital&#146;s executive officers and the members of its board of directors, as well as UOL, have agreed to
substantially similar <FONT STYLE="white-space:nowrap">lock-up</FONT> provisions. However, the underwriters may, in their sole discretion and without notice, release all or any portion of the shares from the restrictions in any of the <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreements described above. In addition, these <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements are subject to the exceptions described in &#147;Item 10. Additional Information&#151;Common Shares
Eligible for Future Sale,&#148; including the right for our company to issue new shares if we carry out an acquisition or enter into a merger, joint venture or strategic participation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the 1,821,043 shares issued to certain members of our management under our LTIP upon completion of our initial public offering
are subject to a <FONT STYLE="white-space:nowrap">one-year</FONT> <FONT STYLE="white-space:nowrap">lock-up</FONT> period under the terms of the LTIP. Any shares that are issued under the LTIP on subsequent vesting dates during the first year after
our initial public offering will be subject to the remainder of that same <FONT STYLE="white-space:nowrap">lock-up</FONT> period, expiring one year after the closing of our initial public offering. After the close of that <FONT
STYLE="white-space:nowrap">one-year</FONT> period, shares to be issued under the LTIP will no longer be subject to a <FONT STYLE="white-space:nowrap">lock-up.</FONT> For further information on our LTIP, see &#147;Item 6. Directors, Senior Management
and Employees&#151;Compensation&#151;Long-Term Incentive Plan.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sales of a substantial number of our common shares upon expiration
of the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements and the <FONT STYLE="white-space:nowrap">lock-up</FONT> period in our LTIP, the perception that such sales may occur, or early release of these
<FONT STYLE="white-space:nowrap">lock-up</FONT> periods, could cause our market price to fall or make it more difficult for you to sell your Class&nbsp;A common shares at a time and price that you deem appropriate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We have not adopted a dividend policy with respect to future dividends. If we do not declare any dividends in the future, you will have to rely on price
appreciation of our Class&nbsp;A common shares in order to achieve a return on your investment. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not adopted a dividend
policy with respect to future dividends. The amount of any distributions will depend on many factors such as our results of operations, financial condition, cash requirements, prospects and other factors deemed relevant by our board of directors or,
where applicable, our shareholders. Accordingly, if we do not declare dividends in the future, investors will most likely have to rely on sales of their Class&nbsp;A common shares, which may increase or decrease in value, as the only way to realize
cash from their investment. There is no guarantee that the price of our Class&nbsp;A common shares will ever exceed the price that you pay. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may
raise additional capital in the future by issuing equity securities, which may result in a potential dilution of your equity interest. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue additional equity securities to raise capital, make acquisitions, or for a variety of other purposes. Additional issuances of our
shares may be made pursuant to the exercise or conversion of convertible debt securities, warrants, stock options or other equity incentive awards such as our LTIP. Any strategic partnership, issuance or placement of shares and/or securities
convertible into or exchangeable for shares may affect the market price of our shares and could result in dilution of your equity interest. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If securities or industry analysts do not publish research or reports about our business, or publish
negative reports about our business, the market price and trading volume of our Class&nbsp;A common shares could decline. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
trading market for our Class&nbsp;A common shares depends in part on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrade our stock or publish
inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, demand for our Class&nbsp;A common shares could
decline, which might cause the market price and trading volume of our Class&nbsp;A common shares to decline. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our dual class capital structure means
our stock will not be included in certain indices. We cannot predict the impact this may have on our stock price. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2017,
S&amp;P Dow Jones, a provider of widely followed stock indices, announced that companies with multiple share classes, such as ours, will not be eligible for inclusion in certain of their indices. As a result, our Class&nbsp;A common shares are not
be eligible for these stock indices. Additionally, since September 2017, FTSE Russell, another provider of widely followed stock indices, requires new constituents of its indices to have at least five percent of their voting rights in the hands of
public stockholders. UOL controls approximately 94.0% of the voting power of our outstanding share capital. Many investment funds are precluded from investing in companies that are not included in such indices, and these funds would be unable to
purchase our Class&nbsp;A common shares if we were not included in such indices. We cannot assure you that other stock indices will not take a similar approach to S&amp;P Dow Jones and FTSE Russell in the future. Exclusion from indices could make
our Class&nbsp;A common shares less attractive to investors and, as a result, the market price of our Class&nbsp;A common shares could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We are a Cayman Islands exempted company with limited liability. The rights of our shareholders may be different from the rights of shareholders
governed by the laws of U.S. jurisdictions. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a Cayman Islands exempted company with limited liability. Our corporate affairs
are governed by our Memorandum and Articles of Association and by the laws of the Cayman Islands. The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights of shareholders and
responsibilities of directors in companies governed by the laws of U.S. jurisdictions. In the performance of its duties, the board of directors of a solvent Cayman Islands exempted company is required to consider the company&#146;s interests, which
is generally defined with reference to the interests of its shareholders (both present and future) as a whole, which may differ from the interests of one or more of its individual shareholders. See &#147;Item 10. Additional
Information&#151;Memorandum and Articles of Association&#151;Principal Differences between Cayman Islands and U.S. Corporate Law.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our
shareholders may face difficulties in protecting their interests because we are a Cayman Islands exempted company. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our corporate
affairs are governed by our Memorandum and Articles of Association, by the Companies Law (as amended) of the Cayman Islands and the common law of the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors
under the laws of the Cayman Islands are not as clearly defined as under statutes or judicial precedent in existence in jurisdictions in the United States. Therefore, you may have more difficulty protecting your interests than would shareholders of
a corporation incorporated in a jurisdiction in the United States, due to the comparatively less formal nature of Cayman Islands law in this area. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While Cayman Islands law allows a dissenting shareholder to express a shareholder&#146;s view
that a court sanctioned reorganization of a Cayman Islands company would not provide fair value for the shareholder&#146;s shares, Cayman Islands statutory law in respect of schemes of arrangement does not specifically provide for shareholder
appraisal rights in connection with a merger or consolidation effected by a scheme of arrangement of a company. This may make it more difficult for you to assess the value of any consideration you may receive in a merger or consolidation or to
require that the acquirer gives you additional consideration if you believe the consideration offered is insufficient. However, Cayman Islands statutory law, which permits a merger/consolidation without a court order, provides a mechanism for a
dissenting shareholder in a merger or consolidation to require us to apply to the Grand Court for a determination of the fair value of the dissenter&#146;s shares if it is not possible for the company and the dissenter to agree on a fair price
within the time limits prescribed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shareholders of Cayman Islands exempted companies (such as us) have no general rights under Cayman
Islands law to inspect corporate records and accounts or to obtain copies of lists of shareholders. Our directors have discretion under our Articles of Association to determine whether or not, and under what conditions, our corporate records may be
inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain information needed to establish any facts necessary for a shareholder motion or to solicit proxies from
other shareholders in connection with a proxy contest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to limited exceptions, under Cayman Islands law, a minority shareholder
may not bring a derivative action against the board of directors. Class&nbsp;actions are not recognized in the Cayman Islands, but groups of shareholders with identical interests may bring representative proceedings, which are similar. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our Memorandum and Articles of Association contain anti-takeover provisions that may discourage a third party from acquiring us and reduce the rights of
holders of our Class&nbsp;A common shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Memorandum and Articles of Association contain certain provisions that could limit
the ability of others to acquire our control, including a provision that grants authority to our board of directors to issue new shares in our company from time to time (including common shares and preferred shares) without action by our
shareholders. These provisions could have the effect of depriving our shareholders of the opportunity to sell their Class&nbsp;A common shares at a premium over the prevailing market price by discouraging third parties from seeking to obtain our
control in a tender offer or similar transactions. See &#147;Item 10. Additional Information&#151;Memorandum and Articles of Association&#151;Anti-Takeover Provisions in our Memorandum and Articles of Association.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>United States civil liabilities and certain judgments obtained against us by our shareholders may not be enforceable. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital is a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In
addition, all of our current directors and officers are residents of Brazil, and a substantial portion of their assets is located outside of the United States. As a result, it may be difficult to effect service of process within the United States
upon these persons. It may also be difficult to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and those officers and directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further, it is unclear if original actions predicated on civil liabilities based solely upon U.S. federal securities laws are enforceable in
courts outside the United States, including in the Cayman Islands and Brazil. Courts of the Cayman Islands may not, in an original action in the Cayman Islands, recognize or enforce judgments of U.S. courts predicated upon the civil liability
provisions of the securities laws of the United States or any state of the United States on the grounds that such provisions are penal in nature. Although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United
States, courts of the Cayman Islands will recognize a foreign judgment in personam of a court of competent jurisdiction and give a judgment based thereon if such judgment is final, for a liquidated sum, provided it is not in respect of taxes or a
fine or penalty, is not inconsistent with a Cayman Islands&#146; judgment in respect of the same matters, and was not obtained in a manner which is contrary to the public policy of the Cayman Islands. In addition, a Cayman Islands court may stay
proceedings if concurrent proceedings are being brought elsewhere. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Judgments of Brazilian courts to enforce our obligations with respect to our Class&nbsp;A common shares may
be payable only in reais. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Most of our assets are located in Brazil. If proceedings are brought in the courts of Brazil seeking to
enforce our obligations in respect of our Class&nbsp;A common shares, we may not be required to discharge our obligations in a currency other than the <I>real</I>. Under Brazilian exchange control laws, an obligation in Brazil to pay amounts
denominated in a currency other than the <I>real </I>may only be satisfied in Brazilian currency at the exchange rate in effect on the date the judgment is obtained as determined by the Central Bank. These amounts are then adjusted to reflect
exchange rate variations through the effective payment date. The exchange rate at that time may not afford <FONT STYLE="white-space:nowrap">non-Brazilian</FONT> investors with full compensation for any claim arising out of or related to our
obligations under the Class&nbsp;A common shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>As a foreign private issuer and an &#147;emerging growth company&#148; (as defined in the JOBS
Act), the disclosure requirements that we must comply with and other requirements are different from those applicable to U.S. domestic registrants and <FONT STYLE="white-space:nowrap">non-emerging</FONT> growth companies. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a foreign private issuer and emerging growth company, the disclosure requirements that we must comply with and other requirements are
different from those applicable to U.S. domestic registrants and <FONT STYLE="white-space:nowrap">non-emerging</FONT> growth companies. For example, as a foreign private issuer for U.S. purposes, we are not subject to the same disclosure
requirements as a domestic U.S. registrant under the Securities Exchange Act of 1934, as amended, or the Exchange Act, including the requirements to prepare and issue quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or to file
current reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants under Section&nbsp;14 of the Exchange Act or the insider reporting and
short-swing profit rules applicable to domestic U.S. registrants under Section&nbsp;16 of the Exchange Act. In addition, we rely on exemptions from certain U.S. rules which permit us to follow Cayman Islands legal requirements rather than certain of
the requirements that are applicable to U.S. domestic registrants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We follow the Cayman Islands laws and regulations that are applicable
to Cayman Islands companies. However, these laws and regulations do not contain any provisions comparable to the U.S. proxy rules, the U.S. rules relating to the filing of reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or <FONT
STYLE="white-space:nowrap">8-K</FONT> or the U.S. rules relating to liability for insiders who profit from trades made in a short period of time, as referred to above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, foreign private issuers are required to file their annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> within 120
days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> within 75 days after the end of each fiscal year. Foreign
private issuers are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, even though we are required to file reports on Form <FONT
STYLE="white-space:nowrap">6-K</FONT> disclosing the limited information that is material to us and which we make public pursuant to Cayman Islands law, or are required to distribute to shareholders generally, you may not receive information of the
same type or amount that is required to be disclosed to shareholders of a U.S. company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The JOBS Act contains provisions that, among
other things, relax certain reporting requirements for emerging growth companies. Under this act, as an emerging growth company, we are not be subject to the same disclosure and financial reporting requirements as
<FONT STYLE="white-space:nowrap">non-emerging</FONT> growth companies. For example, as an emerging growth company we are permitted to, and take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies. Also, our auditors do not have to comply with any new auditing standards promulgated by the PCAOB (unless the SEC determines otherwise) or attest to our internal controls under Section&nbsp;404(b) of
the Sarbanes-Oxley Act. We may follow these reporting exemptions until we are no longer an emerging growth company. As a result, our shareholders may not have access to certain information that they deem important. We will remain an emerging growth
company until the earlier of (1)&nbsp;the last day of the fiscal year (a)&nbsp;following the fifth anniversary of the completion of our initial public offering, (b)&nbsp;in which we have total annual revenues of at least US$1.07&nbsp;billion or
(c)&nbsp;in which we are deemed to be a large accelerated filer and (2)&nbsp;the date on which we have issued more than US$1.00&nbsp;billion in nonconvertible debt during the prior three-year period. Accordingly, the information about us available
to you will not be the same as, and may be more limited than, the information available to shareholders of a company that is not an emerging growth company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We cannot predict if investors will find our Class&nbsp;A common shares less attractive because
we will rely on these exemptions. If some investors find our Class&nbsp;A common shares less attractive as a result, there may be a less active trading market for our Class&nbsp;A common shares and our share price may be more volatile. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>PagSeguro Digital is a foreign private issuer and, as a result, in accordance with the listing requirements of the NYSE we rely on certain home country
governance practices from the Cayman Islands, rather than the corporate governance requirements of the NYSE. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We report under the
Exchange Act as a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> company with foreign private issuer status. The NYSE rules provide that foreign private issuers are permitted to follow home country practice in lieu of certain NYSE corporate
governance standards. The standards applicable to us are considerably different from the standards applied to U.S. domestic issuers. For instance, we are not required to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">have a majority of independent members on our board of directors (other than as may result from the requirements for the audit committee member independence under the Exchange Act); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">have a minimum of three members on our audit committee; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">have a compensation committee or a nominating and corporate governance committee; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">have regularly scheduled executive sessions of our board that consist of independent directors only; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">adopt and disclose a code of business conduct and ethics for directors, officers and employees. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a foreign private issuer, we may follow home country practice from the Cayman Islands in lieu of the above requirements. Therefore, the
approach to governance adopted by our board of directors may be different from that of a board of directors consisting of a majority of independent directors, and, as a result, our management oversight may be more limited than if we were subject to
all of the NYSE corporate governance standards. Accordingly, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Although we do not expect to be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes, there can be no assurance that we
will not be a PFIC for any taxable year, which could subject United States investors in our shares to significant adverse U.S. federal income tax consequences. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not expect to be a PFIC for the current taxable year or any future year, based on our current business plans. However, whether we are a
PFIC will be determined annually based upon the composition and nature of our income and the composition, nature and valuation of our assets, all of which are subject to change. The determination of whether we are a PFIC will also depend upon the
application of complex U.S. federal income tax rules concerning the classification of our assets and income for this purpose, and the application of these rules is uncertain in some respects. Accordingly, there can be no assurance that the IRS will
not challenge any determination by us that we are not a PFIC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we were classified as a PFIC, special adverse U.S. federal tax rules
would generally apply to a United States Holder (as defined in &#147;Item 10. Additional Information&#151;Taxation&#151;U.S. Federal Income Tax Considerations&#148;) that holds our Class&nbsp;A common shares. United States Holders are urged to
consult their own tax advisers with respect to the potential tax consequences of the PFIC rules to their particular circumstances. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we consider ourselves to be actively engaged in an active business with respect to a
number of business lines, and to be engaged in an active financing activity with respect to the early payment of receivables feature that we offer merchants regarding credit card transactions in installments in particular, and we believe that income
from such businesses and features is likely not treated as passive income for purposes of the PFIC rules, it is not entirely clear how such income will be treated for these purposes. In particular, certain of our income may be treated as passive
income unless such income is eligible for an exception for certain income derived in the active conduct of a financing business under Section&nbsp;954(h) of the Code (the &#147;active financing exception&#148;), and related assets may be considered
passive assets unless the active financing exception applies. We believe that the active financing exception will likely apply to treat such income as active, but if it is determined, contrary to our view, that the income from these businesses and
features is passive for such purposes, that would alter the composition of our income and assets for purposes of testing our PFIC status, and may cause us to be treated as a PFIC. For more information on the application of the PFIC rules to us, see
&#147;Item 10. Additional Information&#151;Taxation&#151;U.S. Federal Income Tax Considerations&#151;Passive Foreign Investment Company.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our
Class&nbsp;A common shares may not be a suitable investment for all investors, as investment in our Class&nbsp;A common shares presents risks and the possibility of financial losses. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The investment in our Class&nbsp;A common shares is subject to risks. Investors who wish to invest in our Class&nbsp;A common shares are thus
subject to asset losses, including loss of the entire value of their investment, as well as other risks, including those related to our Class&nbsp;A common shares, the company, the sector in which we operate, our shareholders and the general
macroeconomic environment in Brazil, among other risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each potential investor in our Class&nbsp;A common shares must therefore
determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">have sufficient knowledge and experience to make a meaningful evaluation of our Class&nbsp;A common shares, the merits and risks of investing in our Class&nbsp;A common shares and the information contained in this
annual report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in our Class&nbsp;A common shares and the impact our Class&nbsp;A common
shares will have on its overall investment portfolio; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">have sufficient financial resources and liquidity to bear all of the risks of an investment in our Class&nbsp;A common shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">understand thoroughly the terms of our Class&nbsp;A common shares and be familiar with the behavior of any relevant indices and financial markets; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_7"></A>ITEM&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INFORMATION ON THE COMPANY </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a disruptive provider of financial technology solutions focused primarily on Micro-Merchants, Small Companies and <FONT
STYLE="white-space:nowrap">Medium-Sized</FONT> Companies, or SMEs, in Brazil. Among our peers, we are the only financial technology provider in Brazil whose business model covers all of the following five pillars: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Multiple digital payment solutions </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">In-person</FONT> payments via POS devices that we sell to clients </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Free digital accounts </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Issuer of prepaid cards to clients for spending or withdrawing account balances </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">Operating as an acquirer. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem enables our customers not only to accept payments, but also to grow and manage their businesses. Before PagSeguro, many of these
Micro-Merchants and SMEs were overlooked or underserved by incumbent payment providers and large financial institutions in Brazil. For example, according to a survey conducted by us in June 2017, 75% of merchants who own our <FONT
STYLE="white-space:nowrap">entry-level</FONT> mPOS device, the Minizinha, did not accept card payments prior to signing up with PagSeguro. We offer safe, affordable, simple, mobile-first solutions for merchants to accept payments and manage their
cash through their PagSeguro digital accounts, without the need for a bank account. Our digital account offers more than 30 <FONT STYLE="white-space:nowrap">cash-in</FONT> methods and six <FONT STYLE="white-space:nowrap">cash-out</FONT> options
including our PagSeguro prepaid card, all using our proprietary technology platform and backed by the trusted PagSeguro and UOL brands. Our digital ecosystem also features other digital financial services, business management tools and
functionalities for our clients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, the PagSeguro network consisted of active clients in all 26 states and the
federal district in Brazil. Our business has continued to grow rapidly, despite the major macroeconomic slow-down in Brazil since 2014: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">At December&nbsp;31, 2017, our active merchants totaled 2.7<B></B>&nbsp;million, representing an increase of 92.9% compared with 1.4&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016. Our active
merchants at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016 represented an increase of 55.6% compared with 0.9&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In 2017, our TPV totaled R$38.5<B></B>&nbsp;billion, representing an increase of 173.0% compared with R$14.1&nbsp;billion in 2016. Our TPV in 2016 represented an increase of 90.8% compared with R$7.4&nbsp;billion in
2015. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In 2017, our average spending per active merchant totaled R$18,374, representing an increase of 48.1% compared with R$12,404 in 2016. Our average spending per active merchant in 2016 represented an increase of 12.3%
compared with R$11,047 in 2015. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In 2017, our Total revenue and income totaled R$2,523.4<B></B>&nbsp;million, representing an increase of 121.7<B>%</B> compared with R$1,138.4&nbsp;million in 2016. Our Total revenue and income in 2016 represented an
increase of 68.7% compared with R$674.9&nbsp;million in 2015. The principal components of our Total revenue and income posted the following growth: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our two net revenue items (Net revenue from transaction activities and other services and Net revenue from sales) together totaled R$1,696.2&nbsp;million in 2017, an increase of 129.0% compared with R$740.6&nbsp;million
in 2016. The total of these net revenue items in 2016 represented an increase of 66.5% compared with R$444.7&nbsp;million in 2015. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Financial income totaled R$818.6<B></B>&nbsp;million in 2017, an increase of 108.6% compared with R$392.4&nbsp;million in 2016. Financial income in 2016 represented an increase of 78.8% compared with
R$219.5&nbsp;million in 2015. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In 2017, our Net income for the year totaled R$478.8&nbsp;million, representing an increase of 274.6% compared with R$127.8&nbsp;million in 2016. Net income for the year in 2016 represented an increase of 260.0%
compared&nbsp;with R$35.5&nbsp;million in 2015. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil has approximately 7.1&nbsp;million Individual Micro Entrepreneurs, 3.9&nbsp;million Micro
Companies, 0.1&nbsp;million SMEs and 0.02&nbsp;million Large Companies according to SEBRAE and the Portal do Empreendedor. Micro Entrepreneurs and Micro Companies represent a major market opportunity, as most of them remain unbanked and seek digital
payments solutions. We believe that by continuing to migrate these Micro-Merchants and Micro Companies into our ecosystem, we can continue to drive significant additional revenue growth in the coming years. At the same time, we will continue to
introduce more value-added products and services targeted at larger clients. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our History </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UOL launched PagSeguro in 2006, acquiring a Brazilian digital payments startup and combining it with UOL&#146;s own <FONT
STYLE="white-space:nowrap">know-how</FONT> in Internet services. Initially launched as an online payment platform, PagSeguro aimed to provide the digital payment infrastructure necessary to support the growth of
<FONT STYLE="white-space:nowrap">e-commerce</FONT> in Brazil and by 2016 we were considered the largest Brazilian online payment company in terms of TPV, according to data compiled by Ebit. UOL&#146;s credibility in the Brazilian Internet sector was
key to this successful launch, and remains so today. Founded in 1996, UOL is Brazil&#146;s largest Internet content, digital products and services company. According to comScore, 81.2&nbsp;million unique visitors (approximately 73% of Brazilian
internet users) accessed a UOL website in May 2017. The PagSeguro and UOL brands together gave Brazilian online consumers the confidence to use their sensitive personal and financial data on our payments platform, in order to shop online easily and
safely. As an example of our commercial initiatives to instill trust and safety in online shopping, we introduced our escrow service where we hold the consumer&#146;s payment for a set period of time following the purchase, as a precaution in case
of a commercial claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2008, PagSeguro was named &#147;Preferred <FONT STYLE="white-space:nowrap">E-commerce</FONT> Company&#148; by
<I>Info Exame</I> magazine. Customer numbers continued to grow, with 20,000 stores and approximately 600,000 consumers carrying out transactions through the PagSeguro platform during the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2009, we strengthened our presence in digital payments by acquiring Boldcron Technologies, a gateway payment company linked to the main
acquisition providers in Brazil, which offered payment programs and networks. In the same year, <I>Exame</I> magazine named UOL in the Digital Industry category as one of the 1000 <I>Melhores e Maiores</I> (&#147;biggest and best&#148;) companies in
Brazil, when many of the PagSeguro business activities were still operated by UOL. In 2009, approximately 100,000 online stores carried out transactions through the PagSeguro platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2010, approximately 5,000,000 consumers carried out transactions through the PagSeguro platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2011, we acquired Boa Compra, a company focused on online gaming licenses and digital payment solutions in various countries. In the same
year, approximately 311,000 online stores and approximately 6.5&nbsp;million consumers carried out transactions through the PagSeguro platform using one of the 14 payment methods we accepted at the time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2013, the Central Bank amended regulations to terminate the exclusive banking arrangements between banks and some card and meal voucher
schemes, ending the effective duopoly in the acquirer industry in Brazil. This move was part of a concerted focus by the Central Bank on concentration in the market, following a report issued by it in 2010 on the effective duopoly between two
acquirers, both of which were owned by some of the largest banks in Brazil: RedeCard (now known as Rede, which had exclusive accreditation with MasterCard) and Visanet (now known as Cielo, which had exclusive accreditation with Visa). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also in 2013, we expanded from online payments into point of sale, or POS, payments, which enable merchants to receive <FONT
STYLE="white-space:nowrap">in-person</FONT> payments from payment cards, becoming the first payment provider in Brazil to sell POS devices (as opposed to offering rentals). Our first POS, a magnetic strip card reader that plugged into a smartphone
headphone jack combined with an app, was released in April 2013. In the same year, we became accredited with Sorocred, a local card scheme, as an acquirer, and we also received <FONT STYLE="white-space:nowrap">PCI-DSS</FONT> <FONT
STYLE="white-space:nowrap">Certificate-Data</FONT> Security Standard Certification. In 2013, approximately 7.8&nbsp;million consumers carried out transactions through the PagSeguro platform. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2014, we applied to the Central Bank to become an authorized payment institution under
Brazilian Federal Law No.&nbsp;12,865 of 2013. Since we were already accredited by Sorocred as an acquirer, the Central Bank regulations permit us to continue carrying out our activities until the authorization is granted, as further described in
&#147;&#151;Regulation&#151;Regulation of the digital payments industry in Brazil.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2014, we launched our first POS device,
which was compatible with iOS and Android, that allowed merchants to process debit and credit cards using chips. In the same year, we accepted 25&nbsp;payment methods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2015, we launched the Moderninha, our first standalone POS device branded with its own nickname, and our PagSeguro prepaid card under the
MasterCard scheme. We also established a partnership with Ticket, a major meal voucher scheme. With the launch of our PagSeguro prepaid card, we became the first payment provider in Brazil to operate as a closed loop where clients are able to
receive and spend funds all within our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016, we became the first payments provider in Brazil, other than the incumbent acquirers associated with banks, to obtain accreditation as
an acquirer with MasterCard and Visa. We had already been operating as a local acquirer for Sorocred since 2014, and we began operating as an acquirer on a <FONT STYLE="white-space:nowrap">large-scale</FONT> basis in the second half of 2016, once we
had completed the integration of our platform with Visa and MasterCard. In the same year, we established partnerships with Elo, a card scheme, and Sodexo, a major meal voucher card scheme. We also launched our Moderninha <FONT
STYLE="white-space:nowrap">Wi-Fi</FONT> and Moderninha Pro standalone POS devices; began accepting <FONT STYLE="white-space:nowrap">in-app</FONT> checkout; and launched our free POS app <I>PagSeguro Vendas</I>. In 2016, we became larger than our
parent company UOL for the first year in terms of our Total revenue and income as compared with UOL&#146;s net revenue (without including its consolidated subsidiaries). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2017, we launched PlugPag, our POS device Minizinha, EFTPOS, our <FONT STYLE="white-space:nowrap">i-Banking</FONT> app <I>PagSeguro Minha
Conta</I> and Pag.ae and other new services such as our Facebook chatbot, reconciliation services and <FONT STYLE="white-space:nowrap">one-day</FONT> approval for merchants who wish to obtain early payment of their installment receivables. The
launch of our EFTPOS integration solution made us the first payment provider in Brazil to connect POS devices to a merchant&#146;s sales system. We also obtained accreditation as an issuer with Visa, established partnerships with major meal voucher
schemes VR and Alelo, and obtained accreditation as an acquirer with Hipercard. Furthermore, in October 2017, we acquired a controlling interest in Bivaco Holding S.A., or BIVA, an online platform that facilitates <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> lending. Between November 2017 and January 2018, we acquired an additional interest in BIVA, bringing our total interest to 75.1% of BIVA&#146;s share capital. The total amount we paid for our
shareholding in BIVA was R$23.1&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In January 2018, we had our initial public offering, in which we offered our Class&nbsp;A
common shares. Our Class&nbsp;A common shares are listed on the NYSE. For more information, see &#147;Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds.&#148; In February 2018, we announced a new
functionality of our Moderninha <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and Moderninha Pro, enabling multiple merchants to share a single POS device, and in March 2018, we launched our Minizinha Chip, an mPOS device combines <FONT
STYLE="white-space:nowrap">high-end</FONT> functionalities, such as <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and GPRS connection (chip) in compact hardware that can fit in a merchant&#146;s pocket and comes with its own SIM card and a free data
plan, thus no longer requiring smartphone pairing like traditional mPOS devices. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Products and Services </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We provide a wide range of affordable solutions and tools to help our merchants manage and grow their businesses. These include a variety of <FONT
STYLE="white-space:nowrap">cash-in</FONT> and <FONT STYLE="white-space:nowrap">cash-out</FONT> options with features designed to attract and retain clients, provide them with access to working capital and help them manage their cash flow. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have an <FONT STYLE="white-space:nowrap">in-depth</FONT> understanding of our clients, the
issues they face and the markets in which they operate. As a pioneer in the Brazilian digital payments market, we are able to anticipate trends and translate them into new products and solutions that meet our clients&#146; needs more efficiently
than foreign competitors operating in Brazil. For example, the Brazilian market expects digital payments providers to offer a number of country-specific features, such as installment payments on credit cards, early payment of installment receivables
and payments via <I>boletos</I>, all of which are central to Brazilian financial culture. We built our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem and our digital financial services
offering around these local specificities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With the increased adoption of mobile devices by merchants and consumers as a form of payment,
we design all our solutions on a <FONT STYLE="white-space:nowrap">mobile-first</FONT> basis so that our merchants can be <FONT STYLE="white-space:nowrap">self-sufficient</FONT> at all times and offer payment options to consumers using mobile
devices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our industry is characterized by rapidly changing technology, changing customer needs, evolving industry standards and frequent
introductions of new products and services. For example, in addition to the products and services that we currently offer, WeChat Pay and Alipay, players in the Chinese digital payments industry, already offer promotions and cashback features as
well as <FONT STYLE="white-space:nowrap">on-platform</FONT> third-party bill payments. We strive to continue to develop and release new products and services to match the needs and expectations of our clients. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The PagSeguro Ecosystem </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem operates as a closed loop where our clients are able to address their main day to day financial needs, including receiving and spending funds and
managing and growing their businesses. Clients do not need to purchase a POS device in order to gain access to our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem. Our main products and
services fall into the following categories, described in further detail below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the free PagSeguro digital account, around which all our functionalities and services are designed </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">more than 30 <FONT STYLE="white-space:nowrap">cash-in</FONT> solutions </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">early payment of merchants&#146; installment receivables </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">advanced <FONT STYLE="white-space:nowrap">built-in</FONT> functionalities as well as value-added services and features </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a variety of <FONT STYLE="white-space:nowrap">cash-out</FONT> methods </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The diagram below shows
our main <FONT STYLE="white-space:nowrap">cash-in</FONT> and <FONT STYLE="white-space:nowrap">cash-out</FONT> solutions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203724573.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Free PagSeguro Digital Account </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The free PagSeguro digital account, which is the core of our client offering for both merchants and consumers, centralizes all <FONT
STYLE="white-space:nowrap">cash-in</FONT> options, functionalities, services and <FONT STYLE="white-space:nowrap">cash-out</FONT> options in a single ecosystem so that our clients can grow their business in a safe, affordable, scalable and simple
way, all without needing a bank account. As a &#147;closed-loop domestic&#148; payment scheme for Brazilian regulatory purposes, the PagSeguro digital account does not provide credit facilities or enable holders to incur negative balances, however.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merchants can sign up for a free PagSeguro digital account, gaining access to all of the offerings in our ecosystem, through a single
online contract that can be completed in minutes without paperwork. Our online contract is typically for an indefinite term, but for certain clients who generate higher TPV, we may offer contracts with terms between 12 and 24 months. By signing up
with us, merchants can automatically start accepting more than 30 <FONT STYLE="white-space:nowrap">cash-in</FONT> methods, all with antifraud protection, and can begin accessing our business management tools. For merchants who require more complex
functionalities, we offer value-added services and features such as the early payment of installment receivables for merchants, accounting reconciliation and shipping solutions. With our free PagSeguro digital account, merchants may request the
transfer of their account balance to a bank account and also use our products and services to spend their account balance or other funds directly on our platform by (i)&nbsp;buying online, (ii)&nbsp;making <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> transfers or (iii)&nbsp;transferring their balance to the PagSeguro prepaid card, allowing them to buy goods and services <FONT STYLE="white-space:nowrap">in-person</FONT> and online or withdraw
cash at more than one million Cirrus network ATMs in Brazil and abroad. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For consumers, the free PagSeguro digital account offers not only
numerous simple and safe options to pay merchants, but also the option to save their card details on our eWallet solution and to make and receive payments on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that these products and
services create a &#147;network growth effect.&#148; The advantages of our digital payment solutions for merchants drive growth in their businesses, and the advantages of our digital payment solutions for consumers lead them to prefer merchants who
offer these solutions, resulting in the acquisition of new clients through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">word-of-mouth</FONT></FONT> recommendations by both merchants and consumers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203724791.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Translation for illustrative purposes only. </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Free translation from Portuguese. </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I><FONT STYLE="white-space:nowrap">Cash-In</FONT> Solutions</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our <FONT
STYLE="white-space:nowrap">cash-in</FONT> methods can be accepted through web checkout, <FONT STYLE="white-space:nowrap">in-app</FONT> checkout or <FONT STYLE="white-space:nowrap">in-person</FONT> using our POS devices. They include credit and debit
cards, meal vouchers, <I>boletos</I>, bank transfers, bank debits, transfers between PagSeguro digital accounts and cash deposits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Online and <FONT STYLE="white-space:nowrap">In-Person</FONT> Payment Tools</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
merchants can choose to accept payments from consumers through various online and <FONT STYLE="white-space:nowrap">in-person</FONT> payment tools. For our merchants conducting business online, we offer web checkout solutions and <FONT
STYLE="white-space:nowrap">in-app</FONT> payment options. For merchants conducting <FONT STYLE="white-space:nowrap">in-person</FONT> transactions, we offer a range of POS devices. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Online Payment Tools</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer a variety of online payment tools that enable
merchants to integrate sophisticated checkout and payment processes into their online business. These include (i)&nbsp;three web checkout options for merchants conducting business over browsers (whether desktop or mobile), (ii)&nbsp;an <FONT
STYLE="white-space:nowrap">in-app</FONT> payment tool for merchants conducting business using mobile apps and (iii)&nbsp;P2P and&nbsp;social payment tools. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Web Checkout: </I></B>Our web checkout options offer tokenization, advanced handling of
shipping information, management of subscriptions and automatic billing and order tracking. We offer three different levels of web checkout integration: &#148;Redirect&#148;, &#147;Lightbox&#148; and &#147;Transparent&#148;, all of which are easy to
set up and customize. We supply our code and documentation to the merchant free of charge, allowing the merchant to select and implement the web checkout solution that best meets his or her needs. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203724963.jpg" ALT="LOGO">
</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I><I>Redirect</I>: With Redirect, upon clicking on the payment option, the consumer is redirected away from the merchant&#146;s website
to the PagSeguro secure domain, where the payment is processed. After payment, the consumer is redirected to the merchant&#146;s website.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><I>1.&#8195;&#8201;Translation for illustrative purposes only.</I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><I>2.&#8195;&#8201;Free translation from
Portuguese.</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">


<IMG SRC="g580307g0404203725134.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Lightbox</I>: With Lightbox, the payment is processed on the merchant&#146;s own website but using the PagSeguro secure domain. The
consumer sees both interfaces during the online checkout process, with a PagSeguro <FONT STYLE="white-space:nowrap">pop-up</FONT> overlaying the merchant&#146;s website. After completing the purchase, the
<FONT STYLE="white-space:nowrap">pop-up</FONT> will close and the consumer can continue navigating on the merchant&#146;s website.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><I>1.&#8195;&#8201;Translation for illustrative purposes only.</I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><I>2.&#8195;&#8201;Free translation from
Portuguese.</I></P></TD></TR>
</TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Transparent</I>: <I></I>The Transparent checkout solution allows the merchant to create a fully customized consumer experience. Payments
are processed by us under the merchant&#146;s domain while still benefiting from the features and functionalities of the PagSeguro ecosystem, such as antifraud and consumer data protection.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><I>1.&#8195;&#8201;Translation for illustrative
purposes only.</I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><I>2.&#8195;&#8201;Free
translation from Portuguese.</I></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">In-App</FONT> Checkout: </B>Our
<FONT STYLE="white-space:nowrap">in-app</FONT> checkout is a payment tool developed to be integrated in our merchants&#146; mobile apps which allows payment processing via the PagSeguro secure domain, while offering single-click checkout within the
merchant&#146;s mobile app. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Translation for illustrative purposes only. </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="35%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Free translation from Portuguese. </I></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt; text-indent:0%" ALIGN="center">


<IMG SRC="g580307g0404203725477.jpg" ALT="LOGO">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>P2P and Social Payment Tools (Pag.ae): </I></B>Our innovative P2P and &#147;social
payment&#148; tools allow our clients to request payments by sending a web link via social media straight to the person paying, creating a fast and easy way for anyone to send and receive money electronically. Users can request payments even if they
do not have a website, and the person paying does not need to register with PagSeguro and may pay through a variety of options, including credit card, boleto or bank deposit. With our Pag.ae social payment tool, our customer can request payments
using a link and can send this link to one or more payer(s) via <FONT STYLE="white-space:nowrap">e-mail,</FONT> social network or messaging service such as WhatsApp, using the recipient&#146;s phone number or
<FONT STYLE="white-space:nowrap">e-mail</FONT> address. The payer clicks on the link and can make the payment easily in various ways (credit card, boleto or bank deposit). Pag.ae allows the recipient to pay in up to 12 installments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe these P2P and social payment tools drive organic growth in our customer base, establishing relationships with potential PagSeguro
customers and encouraging them to join our platform when they make a payment. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I><FONT STYLE="white-space:nowrap">In-Person</FONT> Payment Tools</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our range of
affordable POS devices allows merchants to accept credit, debit and meal voucher card payments on an <FONT STYLE="white-space:nowrap">in-person</FONT> basis. Our POS devices can be set up in less than five minutes. They are designed to be easy to
use and have high levels of system availability, efficient <FONT STYLE="white-space:nowrap">back-up</FONT> solutions, value-added functionalities and a five-year warranty. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203725665.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With PagSeguro, merchants can purchase their own device with a flexible payment plan and no monthly rental
or other recurring fees. For the equivalent of three to six months&#146; rental payments to an incumbent, merchants can buy a comparable or better device from PagSeguro, freeing them from the incumbents&#146; continuous monthly rental fees. No
credit checks on the merchant are required. All of our POS devices come with a free PagSeguro prepaid card to give the merchant an immediate <FONT STYLE="white-space:nowrap">cash-out</FONT> option without needing a bank account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer a comprehensive suite of POS devices, from our entry-level Minizinha to the Moderninha Pro. These POS devices are offered separately
from our transaction services. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">The Minizinha mPOS device connects via Bluetooth to our free POS app <I>PagSeguro Vendas</I> installed on the merchant&#146;s smartphone and provides a simple yet secure means to accept payment cards. The Minizinha
provides receipts via SMS for the consumer. We offer the Minizinha for a purchase price of 12 monthly installments of only R$9.90 (or US$2.99), appealing to the Micro-Merchants and SMEs who plan their own business expenses on a monthly basis.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">The Minizinha Chip mPOS device combines <FONT STYLE="white-space:nowrap">high-end</FONT> functionalities, such as <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and GPRS connection (chip) in compact hardware that can fit
in a merchant&#146;s pocket. This mPOS device that comes with its own SIM card and a free data plan, thus improving the merchant experience by no longer requiring smartphone pairing like traditional mPOS devices. These features make the Minizinha
Chip appealing to Micro-Merchants and SMEs seeking mobility and convenience. We offer the Minizinha Chip for a purchase price of 12 monthly installments of only R$24.90 (or US$7.53). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


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<TD ALIGN="left" VALIGN="top">For businesses with greater needs we offer two more sophisticated units, the Moderninha <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> (priced at 12 monthly installments of R$39.90 (or US$12.06)) and the Moderninha Pro
(priced at 12 monthly installments of R$69.90 (or US$21.13)). The Moderninha <FONT STYLE="white-space:nowrap">Wi-Fi,</FONT> which provides consumer receipts via SMS, is aimed at merchants who generate lower transaction volumes; while the Moderninha
Pro, which provides consumer receipts via SMS or in paper form, is aimed at merchants who generate higher transaction volumes. The Moderninha Pro is the first single unit to offer GPRS/2G/3G chip connection, NFC, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">plug-and-play</FONT></FONT> <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and Bluetooth connections (for commercial automation and connection to other devices) on the same device, making it the POS device with the most
connectivity features in Brazil. The device switches automatically between the various connection formats. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Our devices range from the entry-level Minizinha to the Moderninha Pro, the only single unit to offer GPRS/2G/3G chip connection, NFC,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plug-and-play</FONT></FONT> <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and Bluetooth connections (for commercial automation and connection to other devices) on the same device,
making it the POS device with the most connectivity features in Brazil. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also offer a virtual POS terminal via our free
Android and iOS app that enables the merchant&#146;s smartphone to be used as a POS device for credit card payments, from seven different card schemes, with no external hardware. The merchant types the consumer&#146;s card number into the app, with
security provided via network encryption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate revenues from our sales of POS devices to merchants, in addition to the commissions
generated on the credit, debit and meal voucher card transactions processed through the device. All POS devices are set up to offer up to 12 monthly installments on credit card payments at the point of purchase if the consumer chooses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We currently rely on one manufacturer to manufacture, test and assemble a significant amount of our POS devices. The Equipment Supply
Agreement, dated as of June&nbsp;26, 2014, as amended from time to time, by and among PAX BR Com&eacute;rcio de Equipamentos de Inform&aacute;tica Ltda., or PAX, Transire Fabrica&ccedil;&atilde;o de Componentes Eletr&ocirc;nicos Ltda., or Transire,
and Net+Phone Telecomunica&ccedil;&otilde;es Ltda, or Net+Phone, sets forth the types of POS devices to be sold by PAX and Transire to Net+Phone and the standard terms and conditions governing this supply of POS devices. PAX and Transire together
serve as our main supplier of POS devices. Consideration payable to PAX and Transire under this agreement is determined by the number of POS devices ordered by Net+Phone. For more information, see &#147;Item 3. Key Information&#151;Risk
Factors&#151;Some of the key components of our POS devices are sourced from a limited number of suppliers. We are therefore at risk of shortage, price increases, changes, delay or discontinuation of key components, which could disrupt and harm our
business.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I></I></B>&#10003;<B><I></I></B><B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Payment Methods</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The free PagSeguro digital account provides more than 30 <FONT
STYLE="white-space:nowrap">cash-in</FONT> methods, including the items listed below. Our <FONT STYLE="white-space:nowrap">cash-in</FONT> methods can be accepted through web checkout, <FONT STYLE="white-space:nowrap">in-app</FONT> checkout, or <FONT
STYLE="white-space:nowrap">in-person</FONT> using our POS devices. For debit card transactions, card issuers in Brazil pay us as acquirer on the first business day following the consumer transaction; and for credit card transactions, card issuers in
Brazil pay us as acquirer on the 30th business day following the consumer transaction. We believe our pricing model is simple, transparent and easy to understand, when compared with that of incumbent payment processing providers, which is typically
determined based on a mix of volume, card scheme and payment method. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


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<TD ALIGN="left" VALIGN="top"><B><I>Credit cards</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We accept card payments, through our online and <FONT
STYLE="white-space:nowrap">in-person</FONT> POS payment tools, from all the major credit card schemes active in Brazil, including Visa, MasterCard, Elo, American Express, Hiper and regional schemes. The credit card schemes accepted on our platform
together represent 99% of the total payment volume carried out using credit cards in Brazil in 2016, according to the Central Bank. We generate revenue from credit card transactions by charging a merchant discount rate, or MDR, a commission withheld
by us from the transaction value paid to the merchant. The transaction amount, less the MDR, is credited to the merchant&#146;s PagSeguro digital account. Our MDR pricing model is standardized, easy to understand and transparent. We also offer
customized MDR pricing for certain merchants who process large payment volumes. We recognize the MDR fees in our financial statements as revenue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the standard payment cycle in Brazil, merchants receive sales revenues from credit card transactions 30 business days after the consumer
transaction. We offer our merchants the option to receive their credit card revenues from us earlier, on either the first or the 14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> business day following the consumer transaction. We refer to
this option as the merchant&#146;s &#147;payment date election&#148; service (<I>regime de recebimento</I>). If the merchant selects the <FONT STYLE="white-space:nowrap">one-day</FONT> or <FONT STYLE="white-space:nowrap">14-day</FONT> payment date
election, the fees for this service are included in the merchant&#146;s overall MDR fee. This service is separate from the early payment of receivables feature that we offer merchants, which is described in the following paragraph. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except when merchants choose to receive early payment of their receivables related to credit card transactions to be paid in installments, as
described in the following paragraph, and/or when merchants select the <FONT STYLE="white-space:nowrap">14-day</FONT> or <FONT STYLE="white-space:nowrap">one-day</FONT> payment date election service, we release the amount of the consumer transaction
(less our commission) to the merchant&#146;s PagSeguro digital account three days after we receive the underlying payment from the credit card issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Brazilian consumers expect merchants to allow them to choose at the point of purchase to have the purchase price either
(i)&nbsp;charged to their credit card accounts in a single payment, as in other markets, or (ii)&nbsp;split into several payments and only charged to their credit card accounts in monthly installments. In this case, the merchant only receives the
revenues after the respective monthly installment has been charged, rather than 30 business days after the original transaction. To help our merchants offer the installment payment option to consumers, we offer to pay the monthly installment
receivables to our merchants <FONT STYLE="white-space:nowrap">up-front</FONT> in a lump sum when the consumer choses to pay in installments. Micro-Merchants and SMEs have historically faced difficulties obtaining this service from the incumbent
payment processing providers, and they often require merchants to request early payment on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">transaction-by-transaction</FONT></FONT> basis. We offer a solution to these bottlenecks
through simpler onboarding and preapproval of a merchant&#146;s early payments. The underlying receivables relating to these payments are owed to us by the credit card issuers, which are owned primarily by Brazil&#146;s large retail banks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When merchants choose to make use of this early payment of receivables feature we charge them a finance fee in the form of a discount from the
lump sum of the receivable. This discount is additional to the MDR fee withheld from the merchant. The finance fee is deducted from the amounts payable to the merchant at the same time as MDR, but is recognized in our financial statements as
financial income rather than revenues. The discount that generates our Financial income relates only to the early payment of the second and successive installments of the purchase; the first installment is not paid early as it is disbursed to the
merchant within the normal billing cycle, so it does not generate remuneration in the form of Financial income (although it does generate MDR, which is recognized as Gross revenue from transaction activities and other services). (The lump sum
receivable, less the finance fee discount and the MDR or the intermediation transaction, is credited to the merchant on the 30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 14<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> or 1<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP> business day after the transaction, according to the merchant&#146;s &#147;payment date election&#148; described in the paragraph above.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merchants who choose not to make use of our early payment of receivables feature only receive the amount payable to them under the consumer
transaction (after deduction of the MDR fee) after the monthly installments are charged to the consumer&#146;s credit card and the card issuer has paid us. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


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<TD ALIGN="left" VALIGN="top"><B><I>Debit cards</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We accept debit cards from all the major card schemes active in
Brazil, including Maestro (MasterCard), Visa Electron and Elo, for <FONT STYLE="white-space:nowrap">in-person</FONT> payments. The debit card schemes accepted on our platform together represent 98% of the total payment volume carried out using debit
cards in Brazil in 2016, according to the Central Bank. We generate revenues in the form of MDR commissions using a standardized, easy to understand and transparent pricing model. Unlike credit cards, Brazilian debit cards do not offer an
installment payment option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For debit card transactions, we receive the underlying payment from the debit card issuer one business day
after the consumer transaction, and we pay the amount of the consumer transaction (less our commission) to the merchant on the same day as we receive it. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"><B><I>Meal voucher cards</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Meal voucher cards are a labor benefit included in Brazilian
employment contracts. The employer simply credits the employee&#146;s card on a prepaid basis, and the employee can use the prepaid balance on the card to make&nbsp;purchases in restaurants and grocery stores. We accept <FONT
STYLE="white-space:nowrap">in-person</FONT> card payments from the principal meal voucher card issuers active in Brazil, generating revenues in the form of a value added network, or VAN, commission, which is currently charged at a flat rate per
transaction. Meal voucher cards do not offer an installment payment option. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Boletos</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Boletos</I> are payment slip documents issued by Brazilian businesses
and utilities through banks to enable consumers to pay their bills. <I>Boletos</I> can be used for products or services, utilities or taxes. Each <I>boleto</I> refers to a specific merchant and customer transaction, and includes the merchant&#146;s
name, customer information, expiration date and total amount due, plus a serial number that identifies the account to be credited and a barcode so that the entire document can be read and processed. The consumer can pay the <I>boleto</I> through his
or her bank either online, over the phone, at a branch or at an ATM. Merchants can receive credits from <I>boletos </I>directly into their PagSeguro digital account. We generate MDR commissions on <FONT STYLE="white-space:nowrap">cash-in</FONT>
payments made via <I>boletos</I> to a merchant&#146;s PagSeguro digital account. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Bank transfers and bank debits</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Consumers can make transfers from bank accounts,
either to their own PagSeguro digital account in order to add funds to their account balance that can then be used anywhere on our ecosystem, or to a merchant&#146;s digital account to pay for a product or service. These payments can be made via any
bank transfer or, in the case of payments to merchants, via an online bank debit tool. We generate MDR commissions on payments made via bank transfer or bank debit to a merchant&#146;s PagSeguro digital account. There is no MDR or any other
commission charged by us when consumers add funds to their own PagSeguro digital account. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Cash deposits</I></B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similar to bank transfers, consumers can make cash deposits at a
bank branch or ATM directly to PagSeguro digital accounts&nbsp;&#150;either to a merchant&#146;s digital account to pay for a product or service, or to the consumer&#146;s own digital account. We generate MDR commissions on payments made via cash
deposit to a merchant&#146;s PagSeguro digital account. There is no MDR or any other commission charged by us when consumers add funds to their own PagSeguro digital account. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Early payment of installment receivables</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described under <FONT
STYLE="white-space:nowrap">&#147;&#151;Cash-in</FONT> Solutions&#151;Credit Cards&#148; above, our early payment of installment receivables feature helps our merchants offer the installment payment option to their consumers paying by credit card,
without sacrificing their own cash flow. In addition to generating financial income for us, this early payment feature is an important source of working capital for merchants, in particular for our Micro-Merchants and SMEs, who may not otherwise
have efficient access to capital from banks or traditional financial institutions. We believe that by offering this feature, we can strengthen our business partnerships with our merchants by providing this capital to help them grow their businesses.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate financial income through this early payment feature by charging a finance fee in the
form of a discount from the second and successive installments that are paid early in the lump sum, in addition to the MDR fee on the intermediation transaction. The finance fee is deducted from the amounts payable to the merchant, but is recognized
in our financial statements as financial income rather than revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to our initial public offering, we funded the working capital
for this early payment service using debt incurred by us. We plan to use a portion of the proceeds from our initial public offering to finance this activity through equity capitalization. In addition, in November 2017 we set up a Brazilian
investment fund to purchase and hold receivables known as a FIDC through which we may raise debt to finance the early payment of receivables feature. The FIDC is controlled by our Brazilian operating company (by virtue of subscribing for its
subordinated quotas) but raises capital by issuing senior quotas in the fund to outside investors, who receive interest on these investments from the FIDC. The FIDC uses the capital it raises to finance the growth of this early payment of
receivables feature. Our remuneration from the early payment of receivables feature continues to be reflected as Financial income in the consolidated financial statements. We do not expect the establishment of the FIDC to impact the discount rate we
charge in connection to the early payment of receivables feature or the expenses we incur to obtain early payment of note receivables from card issuers and acquirers. For further information regarding the FIDC, see &#147;&#151;Organizational
Structure.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203725899.jpg" ALT="LOGO">
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<TD ALIGN="left" VALIGN="top"><B><I>Advanced <FONT STYLE="white-space:nowrap">Built-In</FONT> Functionalities and Value-Added Services and Features</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our PagSeguro digital account comes with a number of advanced <FONT STYLE="white-space:nowrap">built-in</FONT> functionalities, provided free
of charge, as well as value-added services and features that are designed to protect both merchants and consumers and help our merchants better manage their businesses. These functionalities and value-added services and features include purchase
protection mechanisms, antifraud platform, account and business management tools, eWallet and our POS App. Our platform also provides solutions such as PlugPag, a free tool compatible with iOS, Android and Windows, aimed at our <FONT
STYLE="white-space:nowrap">medium-sized</FONT> and larger merchants, enabling them to connect their POS device directly to their enterprise resource planning, or ERP, software or sales automation system via Bluetooth; cart recovery solutions to
improve sales conversion rates on <FONT STYLE="white-space:nowrap">e-commerce</FONT> websites; and developer platforms allowing merchants to give third-party developers access to their PagSeguro digital accounts on a secure basis using application
programming interfaces, or APIs; among other functionalities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Purchase Protection</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Purchase Protection solution adds multiple layers of
security for online purchases made on our platform. As a payment card industry, or PCI, compliant company, we do not share consumer credit card data or sensitive information with merchants, helping to prevent fraud and data misuse. For added
protection to online consumers, our ecosystem holds consumer payments in escrow for a set period after purchase. If there is no consumer complaint, the funds are typically released to the merchant in two weeks from the purchase date. If a problem
occurs with the purchase and the transaction is eligible for Purchase Protection, the consumer can file a claim and, if requested, we will act as mediator to help resolve the issue with the merchant. If the issue is not resolved, we reimburse the
consumer for the full purchase price plus shipping costs. In the year ended December&nbsp;31, 2017, only 0.8% of our online transactions required claim mediation and for those that did, the average time for claim mediation settlement was ten days.
15% of the disagreements related to <FONT STYLE="white-space:nowrap">non-receipt</FONT> of a purchase, 65% were resolved in favor of the merchant. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Antifraud platform</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our IT background combined with the 10 years of
historical transaction data we have amassed since our launch allow us to develop proprietary technology and gain expertise against online fraud and chargebacks related to fraudulent transactions in Brazil. Our antifraud platform combines proprietary
features, such as internal risk modeling and scoring through artificial intelligence and risk assessment tools that collect public and private market information, as well as front-line third-party solutions such as Feedzai, Emailage and
Threatmetrix. The antifraud platform is fully integrated into our ecosystem, and features processes designed to monitor potential fraud in real time, tracking transaction approvals and denials, enabling us to maintain high transaction approval rates
and low incidences of fraud. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a client requests a chargeback from the card issuer, we verify whether the sale occurred and whether
the product or service was delivered by the merchant. If the chargeback claim was fraudulent, we pay the amount due to the merchant and we contest the attempted chargeback with the card issuer by providing the supporting documentation. If the
chargeback claim was justified, we pass on the cost to the merchant. For information on claim mediation requests filed by our clients on our platform, see &#147;&#151;Protecting Our Clients&#151;Transaction Security.&#148; </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Account management tools</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We aim to help our merchants expand their businesses by
offering free tools such as account statements for their PagSeguro digital account, customized digital invoicing, sales data reports, simulations of early payment of merchants&#146; receivables, and revenue management. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Business management tools</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For merchants who generate larger transaction volumes
and require more complex controls, we offer services such as flexible crediting dates, payment into separate bank accounts for each card scheme, and a split payment solution that automatically segregates credits between two different companies. Our
split payment solution allows merchants to generate payments, integrate employees, manage receivables and receive commissions in real time. We offer these services by providing our merchants with the code and documentation to implement these tools.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


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<TD WIDTH="4%">&nbsp;</TD>
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<TD ALIGN="left" VALIGN="top"><B><I>eWallet</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With our eWallet, users can save their credit card information directly
to our ecosystem, allowing them to make online payments to merchants without having to type in the credit card details for each purchase. This improves user experience and makes the payment process faster, easier and more secure. Our eWallet allows
users to save multiple credit cards. Credit card transactions made using credit cards stored in eWallet generate MDR fees. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203726117.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="28%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Translation for illustrative purposes only. </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Free translation from Portuguese. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our related eWallet app, currently available in the
Google Play store, offers an <FONT STYLE="white-space:nowrap">in-app</FONT> card scanner and allows clients to use the credit card information saved in their eWallet to pay any PagSeguro merchant via their smartphone. In addition, using a QR code
feature that is currently in the pilot phase, consumers will be able to make purchases with our eWallet app by simply scanning the QR code (created using our proprietary QR code technology) generated by the merchant&#146;s <I>PagSeguro Vendas
</I>app, Moderninha Pro or Moderninha Wifi. After scanning the QR code, the consumer&#146;s eWallet app will authenticate and finalize the transaction by scanning the consumer&#146;s fingerprint on his or her smartphone. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>POS App (PagSeguro Vendas)</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our free sales app <I>PagSeguro Vendas</I> is a POS
software app available for smartphones and tablets running iOS or Android that integrates seamlessly with our payment processing solution but can also be used on a stand-alone basis. The tablet version of the app allows merchants using POS devices
to improve their business operations by registering and itemizing their services and products, selling merchandise on customizable terms, tracking business data and allowing for faster <FONT STYLE="white-space:nowrap">in-app</FONT> checkout. Items
can be grouped, categorized, sorted, and linked to inventory management. <I>PagSeguro Vendas</I> is user-friendly and secure, and fully integrated with our merchants&#146; free PagSeguro digital accounts and the Moderninha Pro, Moderninha and
Minizinha POS devices. As of January&nbsp;23, 2018, <I>PagSeguro</I> Vendas was rated 4.5 stars by 643 reviewers in Apple&#146;s Brazilian app store and 4.2 stars by 41,852 reviewers in the Android app store. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>PagSeguro Minha Conta <FONT STYLE="white-space:nowrap">(i-Banking</FONT> App)</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our free digital account app, <I>PagSeguro Minha Conta</I>, is a transaction management app available for smartphones and tablets running iOS
or Android which provides our clients with an easy and practical way to manage their account balances. Through <I>PagSeguro Minha Conta</I>, our clients can transfer their account balances directly to their PagSeguro prepaid cards or third-party
financial institutions. <I>PagSeguro Minha Conta</I> also provides real-time statements of a user&#146;s historical account and PagSeguro prepaid card activity. As of January&nbsp;23, 2018, <I>PagSeguro Minha Conta</I> is rated an average of 4.6
stars by 16,725 reviewers in the Android app store. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>PlugPag</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PlugPag is a free tool, aimed at our
<FONT STYLE="white-space:nowrap">medium-sized</FONT> and larger merchants, enabling them to connect their POS device directly to their enterprise resource planning (ERP) software or sales automation system via Bluetooth. The PlugPag feature offers
various advantages such as a direct connection between the merchant&#146;s software and the POS device, which automates the flow of information, avoiding human intervention so as to minimize potential mistakes and fraud. By sending the confirmation
or rejection of each sale directly to the merchant&#146;s software, this tool facilitates automatic reconciliation of sales records, a common requirement of larger merchants. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"><B><I>Accounting reconciliation</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer merchants a platform for reconciling their
digital transaction revenues and the related fees with their bank account balance and accounting records. This service offering ramped up significantly with our acquisition of 51% of the shares of R2Tech Inform&aacute;tica S.A., or R2Tech, a company
specialized in reconciliation, in May 2017, and is backed by our expertise in middleware and back-office solutions processing. We generate revenues from this service in the form of a flat commission per transaction reconciled for the client. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Peer-to-Peer</FONT></FONT> Lending</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through our 75.1% controlling interest in BIVA, which we acquired in October and between November 2017 and January 2018, we facilitate <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> lending services. This activity consists of connecting a borrower to a lender or group of lenders. We generate revenues from this service in the form of a
commission per transaction, plus a performance fee if the lenders&#146; return on their portfolio of loans exceeds certain targets. The lenders take the full credit risk on the loans; as intermediary between lender and borrower, we are not exposed
to this credit risk. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10003;<B><I></I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Cart recovery</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cart recovery solution aims to improve sales conversion rates
on <FONT STYLE="white-space:nowrap">e-commerce</FONT> websites. If the consumer accesses a merchant website, places items in the website&#146;s virtual cart, continues to our web checkout but then leaves the website before finalizing the purchase,
this tool keeps the items in the cart, saving the consumer time if he or she later returns to the merchant&#146;s website to complete the purchase. It also features <FONT STYLE="white-space:nowrap">e-mail</FONT> reminders and remarketing to direct
the consumer back to the merchant&#146;s web checkout. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Subscription service and automatic billing</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Merchants can provide
subscription services and automatic billing for their consumers. This tool enables the merchant to manage, cancel or renew subscriptions and manage and cancel automatic billings, all through the free PagSeguro digital account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


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<TD ALIGN="left" VALIGN="top"><B><I>Smart Supply</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Moderninha Pro has
<FONT STYLE="white-space:nowrap">built-in</FONT> technology that measures the consumption of POS receipt paper. This technology, combined with an advanced logistics system, allows us to deliver replacement paper rolls to the merchant automatically
in advance. We believe this tool increases merchant satisfaction while reducing inquiries and the related customer service costs. We consider this service a loyalty initiative and provide it free of charge. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>POS Assistance</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our POS devices have a five-year warranty. In order to
reduce the inconvenience of waiting for repair to or replacement of a POS device, we offer eligible merchants three levels of assistance: (i)&nbsp;standard service, where the replacement device is delivered via mail, (ii)&nbsp;express service, where
the replacement device is delivered via courier service, and (iii)&nbsp;quarterly preventive assistance for larger clients, where our field technicians visit the merchant periodically to carry out maintenance on a preventive basis. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Developer platform</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We enable merchants to give third-party developers access to
their PagSeguro digital accounts on a secure basis using application programming interfaces, or APIs. Our APIs are designed to allow developers a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plug-and-play</FONT></FONT> service
to create integrated websites and software applications that connect to the PagSeguro platform, allowing merchants to benefit fully from the features and value-added services and features available on our ecosystem, while keeping our customers&#146;
financial information confidential. Our developer platform offers integration tests and guides (including modules and a virtual library) and community and GitHub forums. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Shipping solutions</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through a partnership with the Brazilian Post Office, we
offer integrated shipping solutions enabling online merchants to send, insure and track their packages at lower overall shipping rates than the Brazilian Post Office&#146;s standard prices. Delivery fees can be included in the online sales
transaction or paid separately by the purchaser. Using our shipping cost calculator, merchants can choose to offer (i)&nbsp;a fixed freight rate based on the number of items shipped, (ii)&nbsp;a weight-based rate or (iii)&nbsp;a customized rate
based on a fixed amount plus an incremental rate for each additional item. Merchants can also track all shipments and insure their products against loss. We monitor and review the Brazilian Post Office&#146;s performance and compliance with our
contractual terms. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>EFTPOS Integration Solution</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our EFTPOS integration solution, which we launched
in August 2017, offers solutions that integrate EFTPOS technology with merchant software, secured via PIN pad. This service allows merchants to process of large transaction volumes and issue tax receipts more easily than with traditional POS
devices. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Single-Click</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Single-Click service is a functionality offered across our <FONT
STYLE="white-space:nowrap">e-commerce</FONT> platforms that enables merchants to request customer approval to save their payment information, simplifying future purchases. Once approved, <FONT STYLE="white-space:nowrap">e-commerce</FONT> merchants
can provide a seamless checkout option, allowing customers to make purchases with a single click. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Promotional engine</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our promotional engine is a marketing tool that allows
merchants to advertise across our client base. For example, a merchant can offer promotional discounts to other PagSeguro customers in specific sectors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


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<TD ALIGN="left" VALIGN="top"><B><I>Multiple merchant feature </I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In February 2018, we launched an innovative
functionality for both our Moderninha <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and Moderninha Pro which enables multiple merchants to share a single POS device. With this new functionality, each of these POS devices can serve up to six digital
accounts, handling sales transactions for each account separately and allowing entrepreneurs and merchants to manage multiple businesses using a single POS defice. The launch of this new functionality, innovative in the Brazilian market, furthers
our continuous process of democratization and greater penetration of our payment terminals for entrepreneurs and merchants with all types of businesses. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I><FONT STYLE="white-space:nowrap">Cash-Out</FONT> Solutions</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our <FONT
STYLE="white-space:nowrap">cash-out</FONT> solutions enable our clients to transfer or spend the balance on their PagSeguro digital account securely by a variety of means including online purchases via eWallet,
<FONT STYLE="white-space:nowrap">in-person</FONT> and online purchases or cash withdrawals using our PagSeguro prepaid card, <FONT STYLE="white-space:nowrap">on-platform</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> transfers, transfers to bank accounts and cross-border remittances. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Online purchases via eWallet</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Users can save information for multiple credit
cards directly to our ecosystem using our eWallet solution, allowing them to make online payments to merchants on a secure basis without having to type in the credit card details for each purchase. This improves user experience and makes the payment
process faster and easier. For further information regarding our eWallet solution, see &#147;&#151;Our Products and Services&#151;The Free PagSeguro Digital Account&#151;Advanced <FONT STYLE="white-space:nowrap">Built-In</FONT> Functionalities and
Value-Added Services and Features&#151;eWallet.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>PagSeguro prepaid cards</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our PagSeguro MasterCard prepaid cards allow merchants
or consumers to use the balance from their free PagSeguro digital account to buy goods and services <FONT STYLE="white-space:nowrap">in-person</FONT> and online or withdraw cash at more than one million Cirrus network ATMs in Brazil and abroad.
Merchants can therefore receive payments from sales transactions into their PagSeguro digital account and spend that money directly using the PagSeguro prepaid card, without needing a bank account. With a modest initial purchase cost, the card comes
with no annual fees or interest rates &#150; and we provide it free to merchants who purchase a PagSeguro POS or mPOS device. The PagSeguro prepaid card does not require credit checks on the merchant or preapproval for issuance. At December&nbsp;31,
2017, more than 1,190,000<B> </B>PagSeguro prepaid cards had been issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate revenues from (i)&nbsp;the issuance fees for
PagSeguro prepaid cards, (ii)&nbsp;interchange fees we receive, as a card issuer, from each transaction made through PagSeguro prepaid cards, and (iii)&nbsp;a flat fee for cash withdrawals at ATMs using PagSeguro prepaid cards. After the initial
issuance fee, the cardholder does not pay an annual fee or other fees for using the card. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


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<TD ALIGN="left" VALIGN="top"><B><I><FONT STYLE="white-space:nowrap">On-platform</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> transfers</I></B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our clients can use the balance on their PagSeguro digital account to transfer funds to other PagSeguro digital accounts on our platform. We
charge a commission paid by the recipient of the payment. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Bank transfers</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clients can make transfers from their PagSeguro digital account
directly to a bank account. We believe, however, that our numerous direct <FONT STYLE="white-space:nowrap">cash-out</FONT> options are increasingly reducing the need for our merchants to transfer balances out of our digital platform. We do not
receive revenues from <FONT STYLE="white-space:nowrap">cash-out</FONT> bank transfers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B><I>Cross-border remittance</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our &#147;Boa Compra&#148; platform allows our clients
to operate cross-border transactions when consumers are located in different countries across Latin America, Spain, Portugal and Turkey (for example, for foreign merchants selling to Brazilian consumers, or for Brazilian merchants selling to foreign
consumers &#150; although the platform is also used for transactions where neither party is Brazilian). Boa Compra originally operated in the online gaming industry and has been particularly attractive to clients in that industry. Since its launch,
however, Boa Compra has now expanded to serve other industries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Using Boa Compra, international online merchants, such as Valve (Steam),
Electronic Arts and Riot Games, can provide their <FONT STYLE="white-space:nowrap">end-users</FONT> with local payment methods, leveraging conversion rates and unlocking the market potential of cross-border
<FONT STYLE="white-space:nowrap">e-commerce.</FONT> The Boa Compra platform features an integrated <FONT STYLE="white-space:nowrap">web-checkout</FONT> solution which allows clients to save their credit card information for future transactions and
enables international checkout by offering users more than 150&nbsp;payment methods in multiple currencies, including our proprietary digital currency <I>Cr&eacute;ditos Gold</I>. <I>Cr&eacute;ditos Gold</I> can be purchased online through Boa
Compra&#146;s online digital gaming portal Go4Gold in Brazil, Chile, Peru, Mexico, Portugal and Turkey. Once purchased, <I>Cr&eacute;ditos Gold</I> can be used immediately to make <FONT STYLE="white-space:nowrap">in-app</FONT> purchases. When
Brazilian consumers, for instance, make a purchase abroad using Boa Compra, we organize the remittance of the funds outside Brazil on behalf of each customer in accordance with Central Bank regulations using the consumer&#146;s Brazilian taxpayer
identification number. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Customers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer our clients free digital accounts which they can use to sell products as merchants, or to buy products as consumers. There is no
division between the two categories, since the same digital account serves both types of clients &#150; indeed, our merchants are also consumers when they spend their digital account balance using our <FONT STYLE="white-space:nowrap">cash-out</FONT>
features, and our consumer clients can also be merchants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer the following major benefits for both merchants and consumers: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Customers do not need a bank account to join our ecosystem. With a 100% online onboarding process (as compared with the offline onboarding process of incumbent providers, which typically requires a technician to install
the POS device), without paperwork, quick turnaround and a high acceptance rate, we offer access to our advanced digital payment processing and receivables early payment features. We accept merchants who are either individuals or companies.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">We offer a full suite of more than 30 <FONT STYLE="white-space:nowrap">cash-in</FONT> options under a single contract, with security and reliability, plus six <FONT STYLE="white-space:nowrap">cash-out</FONT> options
including bank transfers, online purchasing, and spending both <FONT STYLE="white-space:nowrap">in-person</FONT> and online as well as cash withdrawals using our PagSeguro prepaid card. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Our pricing model for all of our services and features &#150; whether transaction fees, early payment of installment receivables or sales of POS devices &#150; is simple, transparent and easy to understand. For example,
we offer the Minizinha mPOS device for a purchase price of 12&nbsp;monthly installments of only R$9.90 (or US$2.99), the Minizinha Chip mPOS device for a purchase price of 12 monthly installments of only R$24.90 (or US$7.53), the Moderninha <FONT
STYLE="white-space:nowrap">Wi-Fi</FONT> for a purchase price of 12&nbsp;monthly installments of R$39.90 (or US$12.06) and the Moderninha Pro for a purchase price of 12&nbsp;monthly installments of R$69.90 (or US$21.13). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Our social payment solutions, such as Pag.ae, allow both consumers and merchants to use their PagSeguro account to request payments via web links sent through <FONT STYLE="white-space:nowrap">e-mail,</FONT> social
networks or messaging services such as WhatsApp. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We offer a comprehensive suite of affordable POS devices, with user-friendly features and functionalities, reliable connectivity and a five-year warranty. Our devices range from the entry-level Minizinha to the
Moderninha Pro, the first single unit to offer GPRS/2G/3G chip connection, NFC, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">plug-and-play</FONT></FONT> <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and Bluetooth connections
(for commercial automation and connection to other devices) on the same device, making it the POS device with the most connectivity features in Brazil. Our merchants purchase their own device through a flexible payment plan. For the equivalent of
three to six months&#146; rental payments with incumbents, merchants can buy a comparable device from PagSeguro and avoid continuous monthly rental fees. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Data protection and confidentiality for consumers, with merchant verification and transaction protection mechanisms, including escrow periods and claim mediation services. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our payment solutions reduce the need for consumers to carry cash since more Micro-Merchants and SMEs are able to accept digital payments <FONT STYLE="white-space:nowrap">in-person.</FONT> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since we only provide the payment service and the acquiring service, the consumer in the underlying commercial transaction is not our client,
and we are not responsible for providing the goods or services or fulfilling the consumer order. As provider of the payment service, we facilitate the payment transaction on behalf of the merchant; while as acquirer, we enable merchants to accept
payment cards by completing the processing of the payment transaction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our merchant base is highly diversified, which shields us from dependence on a small number of
business sectors or major accounts. In 2017, general retail stores, our largest volume sector, accounted for less than 17% of our overall transaction business and no other major business sector (clothing stores, food and beverage merchants, beauty
parlors, or auto spares and repair shops) accounted for more than 15% of our overall transaction business. We are not dependent on any individual merchants. In 2017, our top 10 clients represented only 3% of our TPV and our top 100 clients
represented only 5% of our TPV. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We principally target Micro-Merchants and SMEs, many of whom were ignored or underserved by the incumbent
payment providers and financial institutions in Brazil before PagSeguro was launched. These incumbents generally charge Micro-Merchants and SMEs higher overall fees and commissions because they generate lower transaction volumes. Our platform
enables us to keep overall <FONT STYLE="white-space:nowrap">per-transaction</FONT> fees lower for merchants who generate lower transaction volumes. We believe our client data supports this model: According to a survey conducted by us in October
2016, 81% of our merchants used PagSeguro as their sole electronic payments service (while 2% of our merchants also used GetNet, 4% also used MercadoPago, 6% also used Rede and 11% also used Cielo, according to the same survey) and according to a
survey conducted by us in June 2017, 75% of Minizinha owners did not accept cards before signing up with us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We strive to provide
relevant products, efficient customer service, account support and protection from fraud and loss. We have developed a number of security procedures to provide protection to consumers by offering escrow periods and claim mediation, covering issues
such as <FONT STYLE="white-space:nowrap">non-delivery</FONT> or failure to match the merchant&#146;s description of the product sold. See, &#147;&#151;Protecting Our Clients&#148; and &#147;&#151;Our Products and Services&#151;The Free PagSeguro
Digital Account&#151;The PagSeguro Ecosystem&#151;Advanced <FONT STYLE="white-space:nowrap">Built-In</FONT> Functionalities and Value-Added Services and Features&#151;Purchase Protection.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Product Development and Technology </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
develop most of the software technology used by our digital payments platform <FONT STYLE="white-space:nowrap">in-house,</FONT> although we also outsource certain projects to outside developers in order to expedite the delivery of software and keep
our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-market</FONT></FONT> advantage. Through this combination of technology, developed both <FONT STYLE="white-space:nowrap">in-house</FONT> and by outsourced developers, we
have developed a stable, reliable, proprietary and highly scalable platform with intuitive user interfaces, management tools, transaction processing, APIs, and database and network applications that help our customers utilize our suite of products
and services, while keeping their financial information confidential. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our platform allows consumers to make purchases using a broad range
of payment methods, regardless of where a merchant is located. For purchases made outside Brazil, we partner with local payment service providers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We manage large volumes of system access data and transactions, with more than 99.9% availability from May 2016 to December 2017, using
Internet data centers provided by UOL Diveo, a UOL group company that focuses on IT outsourcing, data centers, cloud computing and other managed IT services. This allows us to have multiple redundancies and, to the benefit of our merchants,
automatically switch to the networks of other acquirers in the case of connection failure. Backed by UOL Diveo, we are able to scale up our services while retaining high availability for peak-volume occasions such as Christmas, Mother&#146;s Day and
Black Friday. This high-availability and continuously deployed platform ensures that all of our clients are able to operate with the latest features and the newest innovations without any need to patch or upgrade their software. Our scale as a UOL
group company allows us to establish favorable partnerships with several suppliers, including software developers and hardware manufacturers. We work with these suppliers to continuously tailor our solutions and POS devices to fit the needs of our
main target merchants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, 57% of the total headcount of PagSeguro was engaged in products and engineering. With
our specialized team of 611 people focused on developing reliable, scalable and proprietary systems and new products and features, we regularly roll out innovative and disruptive solutions that are tailored to the Brazilian market. Our expenditure
on software and technology (including salaries) amounted to R$95.0&nbsp;million in the year ended December&nbsp;31, 2017, R$68.6&nbsp;million in 2016 and R$37.0&nbsp;million in 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We strive to offer new features and formats to improve our users&#146; experience on our
platform. This process starts by listening to suggestions from our clients. We hold focus group meetings and conduct surveys periodically with regular and highly active customers to obtain feedback regarding our products and services, as well as
suggestions and ideas for new features. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We test all new products and features rigorously <FONT STYLE="white-space:nowrap">in-house</FONT>
and with pilot groups of merchants before rolling them out. Once our internal team has ensured they are working properly, we typically roll them out first to a select group of customers on a trial basis, listening to feedback and suggestions and
enhancing the final details of the product or feature before rolling out to all customers. We frequently update our software products and follow a regular software release schedule with improvements deployed periodically, ensuring our merchants get
immediate access to the latest features. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Managing our platform&#146;s software architecture and hardware is as important as offering new
products and features. We focus on optimizing our processes and equipment to help ensure that our systems are capable of handling our rapid growth in an efficient and cost-effective way. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our technology infrastructure simplifies the storage and processing of large amounts of data, automates many administrative tasks, and enables
us to deploy and operate products and services on a wide scale. Our technology infrastructure is designed to reduce downtime in the event of system outages or catastrophic events, with continuity features, system redundancy and protection against
cyber-security threats. For further information on the measures we take to protect against cyber-security threats, see &#147;&#151;Protecting Our Clients.&#148; We strive to improve our technology infrastructure and platform continuously in order to
enhance the customer experience and to increase security, efficiency and scalability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our research and development team focuses on our
ongoing pipeline of reliable, scalable and proprietary systems and new products and features tailored to the current Brazilian market. Using our qualified product and service design teams and research and development team, we intend to roll out a
portfolio of new solutions, for both merchants and consumers, based on mobile apps, further strengthening our mobile-first commitment and simplifying our clients&#146; lives. We anticipate that we will continue to devote considerable resources to
research and development in the future as we add new features and functionality to our products and services. Our market is characterized by rapidly changing and disruptive technologies, as well as evolving industry and regulatory standards, and we
seek to remain in the front line of these changes. We believe our ability to adapt to rapidly changing technologies, products and services in an evolving industry is the cornerstone of our future success. For further information on the technological
challenges in our industry, see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to our Business and Industry&#151;Substantial and increasingly intense competition, both within our industry and from other payment methods, may harm
our business.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Protecting Our Clients </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Trust and security are essential to success in the digital payments market. Fraud is a constant threat, involving items such as account
takeover, identity theft and malicious counterparty activities. The ability to protect our clients from financial loss and data theft has been key to our competing successfully and growing our business sustainably, and we believe security will
continue to be a major competitive factor in the future. We invest in providing comprehensive protection for our clients on our ecosystem, focusing on three main areas: transaction security; platform security; and customer service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our investments in this area have been recognized by our customers and the industry. For example, we were recognized as the &#147;<I>Best
Company for Consumers</I>&#148; for electronic payments in both 2017 and 2016 and for online payments in 2015 by <I>&Eacute;poca </I>magazine and<I> Reclame Aqui</I>, a consumer protection service and were recognized for client service excellence in
the financial services category in 2015 and 2017 by <I>Consumidor Moderno</I>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Transaction Security </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have focused since our launch on ensuring the security of payment transactions carried out on our ecosystem. We believe we have been a
pioneer in developing technology and expertise against online fraud and chargebacks related to fraudulent transactions in Brazil, backed by the reputation of the PagSeguro and UOL brands. Our transaction approval rate continues to increase, with
rates in the year ended December&nbsp;31, 2017 higher than those achieved in 2016 and earlier years. In 2016, we were named the Brazilian acquirer with the lowest
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">chargeback-to-sales</FONT></FONT> ratio by Visa. Our net chargeback rates for transactions of six months old averaged 0.17% in 2017, a decline of34.6% from 0.26% in 2016. These net
chargeback rates compare highly favorably with the 1.0% limit established by the card schemes. We achieve transaction security through a combination of antifraud technology, the design of our platform, and protection programs for our clients. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203726601.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As is the case with any digital transaction, those that take place on our digital platform are susceptible
to potentially fraudulent or improper sales. We use two main processes to control this fraud risk. The first process consists of monitoring credit card, debit card and <I>boleto</I> transactions on a real time basis, through systems that identify
potential fraud. This process approves or rejects suspicious transactions at the time of the authorization, based on statistical models that are revised on an ongoing basis. The second process, which occurs after approval of the transaction,
consists of a reconciliation process in which PagSeguro Brazil follows up on all chargebacks with the card issuers and, where appropriate, opens a claim process to seek reversal of the chargeback. This is a complementary process and increases our
ability to avoid and manage chargebacks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our antifraud platform combines proprietary features, such as internal risk modeling and scoring
through artificial intelligence and risk assessment tools that collect public and private market information, as well as front-line third-party solutions such as Feedzai, Emailage and Threatmetrics. For more information, see &#147;&#151;Our Products
and Services&#151;The Free PagSeguro Digital Account&#151;The PagSeguro Ecosystem&#151;Advanced <FONT STYLE="white-space:nowrap">Built-In</FONT> Functionalities and Value-Added Services and Features&#151;Antifraud Platform.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The design of our platform also assists in preserving data confidentiality. Consumers can make payments through PagSeguro without sharing
sensitive financial information such as credit card or debit card details with the merchant. Transactions on PagSeguro are tokenized and payment authorization credentials are kept separated from account holder&#146;s information, helping us to
better detect and prevent fraud when funds enter, flow through and exit our ecosystem. In addition, the ability to make and accept digital payments increases personal security in <FONT STYLE="white-space:nowrap">in-person</FONT> transactions by
reducing the need for both consumers and merchants to carry cash. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our protection programs guard our clients from loss through fraud and counterparty <FONT
STYLE="white-space:nowrap">non-performance.</FONT> We believe the history and critical mass of our consumer database allows us to provide quicker and more reliable transaction approval when compared with smaller or more recently established digital
payments providers in Brazil. Our protection programs, which apply to online purchase transactions completed through our ecosystem, aim to reassure consumers the confidence that they will only be required to pay if they receive the product in the
condition as described, and merchants the confidence that they will receive payment for the product that they are delivering to the customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our merchant program protects against losses for chargebacks related to fraudulent transactions and similar claims on substantially all of our
online transactions. A chargeback situation may also occur if the card used was unauthorized or if there is a <FONT STYLE="white-space:nowrap">non-fraudulent</FONT> cardholder claim. If a chargeback claim is valid, the card issuer sends the
transaction back to the merchant and charges the merchant the amount of the questioned sale. If the merchant cannot remedy the chargeback, it is the merchant&#146;s loss. If there are not sufficient funds in the merchant&#146;s account, the
chargeback amount is charged to the acquirer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For consumers, we provide protection against losses under which they can submit a claim if
there is a problem with a purchase. The consumer can file a claim through our PagSeguro website, in which case the consumer and the merchant can seek to resolve the claim together. If they cannot resolve the claim within seven days after the claim
is filed, the consumer has up to 20&nbsp;days after filing the claim to request our assistance, in which case we act as mediator to help resolve the issue with the merchant. If a consumer does not request mediation within 20&nbsp;days after filing a
claim, the claim will be resolved in favor of the merchant. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Platform Security </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The architecture of our proprietary <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> payments
platform coupled with third-party front-line solutions are key to our ability to provide consumers and merchants with continuity and security in their transactions. Through our numerous <FONT STYLE="white-space:nowrap">cash-in</FONT> and <FONT
STYLE="white-space:nowrap">cash-out</FONT> options we are able to collect data from our clients, which allows us to save important information on customers for purposes of the approval of future transactions. The multiple layers of protection
included in our platform help ensure continuity as well as addressing the cybersecurity risks discussed in &#147;&#151;Transaction Security&#148; above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have developed intuitive user interfaces, customer tools and transaction processing and database and network applications that help our
users complete transactions reliably and securely, both on our platform and on merchant sites integrated with PagSeguro. Our technology infrastructure simplifies the storage and processing of large amounts of data, facilitates the deployment and
operation of large-scale global products and services, and automates administrative tasks. This technology infrastructure has been designed around industry-standard architectures to reduce downtime in the event of outages or catastrophic
occurrences. We work hard to improve our technology infrastructure continuously in order to enhance customer experience and increase efficiency, scalability and security. We also make use of well-known security protocols and solutions to secure user
data, including, among others: <FONT STYLE="white-space:nowrap">EV-SSL</FONT> certificate, multiple data encryption techniques, intrusion detection (IPS/IDS), application firewalls (WAF), Anti-Distributed <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Denial-of-Service</FONT></FONT> (Anti-DDos), Data Loss Prevention (DLP), <FONT STYLE="white-space:nowrap">2-factor</FONT> authentication and encrypted communications. We also hold the following certifications: PIN
security; MasterCard and Visa merchant acquiring host; MasterCard terminal integration process, or <FONT STYLE="white-space:nowrap">M-TIP;</FONT> Visa acquirer device validation toolkit, or ADVT; MasterCard <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">end-to-end</FONT></FONT> demonstration services, or ETED; PCI Data Security Standard, or <FONT STYLE="white-space:nowrap">PCI-DSS;</FONT> and Europay, MasterCard, and Visa, or EMV, Levels 1 and 2. Our data centers are also
certified under the International Organization of Securitization, or ISO, standards 9001, 20000 and 27001. We also perform security penetration tests on a regular basis and apply <FONT STYLE="white-space:nowrap">top-most</FONT> security solutions
for code and application scanning (SAST/DAST). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our platform&#146;s architecture enables us to connect all parties regardless of whether the
transaction is occurring at a traditional physical location (such as inside a store), a nontraditional physical location (such as in a park), or online, and whether through a mobile or fixed-line device. We believe that mobile devices, in addition
to being the future of <FONT STYLE="white-space:nowrap">e-commerce,</FONT> create opportunities to make digital payments safer. For example, we are able to use location data from mobile devices to reduce risk for our clients. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Customer&nbsp;Service </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe in excellence in customer service. By helping our clients navigate our applications and answering their questions quickly, we have
been able to grow rapidly and to build trust with our clients, which has increased their loyalty and enhanced our reputation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We provide
our customers with an array of digital self-service features including real-time online chat, chatbots, customer service <FONT STYLE="white-space:nowrap">e-mail</FONT> and a customer service hotline. Our customer service operations are provided by a
combination of PagSeguro employees and outsourced providers, which together make up approximately 800 full-time equivalent, or FTE, positions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We maintain service quality by placing emphasis on careful selection of our customer service personnel and regular monitoring of employee
performance. Our employees are trained to have <FONT STYLE="white-space:nowrap">in-depth</FONT> product and service knowledge, professional service attitudes and communication skills to best address customer needs and inquiries. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sales and Marketing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our marketing
strategy is designed to grow our platform by building and maintaining the brand recognition and trust of the PagSeguro and UOL brands, attracting new users and generating more frequent activity by our existing users. Our marketing initiatives aiming
to recruit merchants to our ecosystem currently focus on our POS devices, web checkout solutions and other online payment solutions, such as Pag.ae. We believe that introducing our digital payment solutions to merchants who are not yet our clients
is the most efficient and cost-effective strategy to sustain our growth among both merchants and consumers, creating a &#147;network growth effect.&#148; The advantages of our digital payment solutions for merchants drive growth in their businesses,
and the advantages of our digital payment solutions for consumers lead them to prefer merchants who offer these solutions, resulting in the acquisition of new clients through
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">word-of-mouth</FONT></FONT> recommendations by both merchants and consumers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g580307g0404203726819.jpg" ALT="LOGO">
 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our existing clients, many of whom use PagSeguro as an exclusive payment method, enable us to
grow our merchant base rapidly and organically. Each time a consumer who has not yet registered with PagSeguro visits our website or pays a merchant using one of our online or <FONT STYLE="white-space:nowrap">in-app</FONT> checkout solutions, the
consumer is invited to open a free PagSeguro digital account to make his or her next purchase with PagSeguro easy and seamless. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g580307g0404203727037.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We strive to position PagSeguro products and services in top of mind and present them as a desirable, easy
and secure means to accept and make payments in Brazil, while accompanying the consumer throughout the purchasing process, from general brand awareness through to actual purchase or account registration. As a digital company, and with the support of
UOL&#146;s audience, we continue to build and maintain brand recognition and awareness, while generating demand for our products and services through a variety of marketing campaigns, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">traditional offline media: television advertisements and merchandising (broadcast and cable), radio, movie theaters, the printed press, festivals and events, and display media such as billboards, urban digital time and
weather displays, and airport and bus station displays; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">traditional online advertising: display media (including banners, rich media, interstitials, videos and native ads) on a variety of online platforms, such as premium websites, portals, video platforms such as YouTube,
social media platforms such as Facebook and Instagram, mobile apps, <FONT STYLE="white-space:nowrap">e-mail</FONT> marketing and affiliates programs; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">search: we have expertise in positioning our products in preferential placements on search platforms displayed on desktops, tablets and smartphones, using specific initiatives such as paid search (Search Engine
Marketing, or SEM, which includes bid management tools and keywords analysis) and natural or organic search (Search Engine Optimization, or SEO, which includes website optimization). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our marketing department develops all these online and offline marketing strategies using single integrated concepts, so that our campaigns
include key visual characteristics and consistent messages across all channels. In line with our growth strategy, most of our campaigns focus on <FONT STYLE="white-space:nowrap">Micro-Merchants</FONT> and SMEs, with messages that highlight our easy,
safe and <FONT STYLE="white-space:nowrap">hassle-free</FONT> way of accepting payments, such as &#147;a single online contract that allows you to accept more than <FONT STYLE="white-space:nowrap">30&nbsp;cash-in</FONT> methods&#148; and &#147;free
yourself from POS rental fees.&#148; We regularly compare our pricing to our competitors&#146; and point out the advantages of our products and services for new or growing businesses. At the same time, we also advertise value-added products and
services targeted at larger merchants and consumers from higher income sectors, including our business management tools and commercial automation solutions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that our association with the UOL group brings experience and competitive advantages
in designing, negotiating and purchasing advertising space. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through our ongoing focus on expanding our payment solutions and increasing
our brand recognition, the strength of our brand, products and services has been recognized in a number of awards, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Named as the &#147;<I>Best Company for Consumers</I>&#148; for electronic payments in both 2017 and 2016 and for online payments in 2015 by <I>&Eacute;poca</I> magazine and <I>Reclame Aqui</I>, a consumer protection
service; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recognized for &#147;<I>Best Payment Processing</I>&#148; in 2015 by <I>Afiliados Brasil</I>, a marketing company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recognized as the best company in its industry in terms of client service excellence by <I>Consumidor Moderno</I> Award in 2015 and 2017; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recognized for leading performance in Brazilian retail by <I>Pr&ecirc;mio BR Week </I>in 2016. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As further support of the increasing strength of our brand, according to Google Trends, and as illustrated by the below chart, as of December
2017, &#147;PagSeguro&#148; and &#147;Moderninha&#148; have experienced rapid growth in search volume over the past five years (or since the March 2015 launch, in the case of Moderninha) when compared to the other digital payment solutions in Brazil
(the vertical axis in the below chart represents the relative number of Google searches for each name). According to Google Trends, in August 2017 for every 100 Google searches for the term &#147;Pagseguro,&#148; there were 21 for the term
&#147;MercadoPago&#148; and 23 for the term &#147;PayPal.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g580307g0404203727739.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We use our proprietary tools and market measurement systems developed by third parties, such as Adobe and
Google, to deepen our knowledge about consumer behavior and, consequently, optimize our marketing efforts and expenditures by customizing our sales messages to make it easier for users to understand, find and buy our products and services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our marketing strategy is customized and we manage our desktop sites, mobile websites and mobile applications differently, each optimized for
the screens they fit and the way our customers use them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to our online and offline advertising efforts described above, we developed a broad
range of marketing and sales channels to access potential clients, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our own sales team, mainly focused on sales of our POS devices and online products and solutions to larger clients, as well as on providing ongoing support to those clients; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">partner companies that distribute PagSeguro devices and solutions to their customer base (mostly point of sale solutions&#146; companies); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">third parties hired as independent sale organizations to distribute our POS devices across Brazil; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">online store platforms and web development companies, which integrate PagSeguro as an exclusive or preferred payment method to their clients; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">third-party call center service provider hired to answer calls, <FONT STYLE="white-space:nowrap">e-mails</FONT> and chat inquiries from our clients and prospects, and to sell our devices and solutions.
</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Organizational Structure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an exempted company with limited liability incorporated under the laws of the Cayman Islands with the legal name PagSeguro Digital Ltd.
and are a subsidiary of Universo Online S.A., or UOL. Our principal executive office is located at Avenida Brigadeiro Faria Lima, 1384, <FONT STYLE="white-space:nowrap">01452-002</FONT> S&atilde;o Paulo &#150; SP, Brazil and our telephone number is
+55 (1) 3038-8127. Our investor relations office can also be reached at +55&nbsp;(11)&nbsp;3038-8127 and our website address is <U>www.pagseguro.uol.com.br</U>. Information provided on our website is not part of this annual report and is not
incorporated by reference herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UOL is a Brazilian <I>sociedade por a&ccedil;&otilde;es</I> that was founded in 1996. UOL is
Brazil&#146;s largest Internet content, digital products and services company. Its majority shareholder is Grupo Folha, one of the largest media groups in Brazil and the owner of the S&atilde;o Paulo daily newspaper <I>Folha de S. Paulo</I>,
Brazil&#146;s most-read newspaper according to the Circulation Verifier Institute (<I>Instituto Verificador de Circula&ccedil;&atilde;o, </I>or IVC). Grupo Folha also includes Transfolha, one of the three top eCommerce logistics companies in Brazil
in terms of orders during 2017, based on data from Ebit; Plural, the largest printing company in Latin American in terms of rotate offset printers during 2015, according to ABRO; UOL Host, the second largest Brazilian web hosting company in terms of
&#147;.br&#148; domain names in May 2017, according to Hostmapper Brasil; and UOL Diveo, the largest cloud and IT infrastructure services company controlled by Brazilian shareholders in terms of data center area as of December&nbsp;11, 2017,
according to publicly available information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We carry out our operations principally through our Brazilian operating company, Pagseguro
Internet S.A., a Brazilian <I>sociedade por a&ccedil;&otilde;es.</I> Pagseguro Internet S.A. carries out most operations directly, and also has five subsidiaries. The following subsidiaries are substantially
<FONT STYLE="white-space:nowrap">wholly-owned:</FONT> (i)&nbsp;Boa Compra Tecnologia Ltda., organized in Brazil, which operates our online gaming and <FONT STYLE="white-space:nowrap">cross-border</FONT> digital services in Latin America, Portugal,
Spain and Turkey; (ii)&nbsp;NET+Phone Telecomunica&ccedil;&otilde;es Ltda., organized in Brazil, which handles purchases and sales of our POS devices; (iii)&nbsp;BCPS Online Services, Lda, or BCPS, organized in Portugal, which serves as Boa
Compra&#146;s hub in Portugal and handles part of its account management; and (iv)&nbsp;R2Tech, organized in Brazil, which manages our reconciliation product. BCPS and R2Tech were both acquired during 2017. The following subsidiary is majority
owned: BIVA, organized in Brazil, which is an online platform that facilitates <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> lending. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In November 2017 we set up a FIDC through which we may raise debt to finance the growth of our business. The FIDC is controlled by PagSeguro
Brazil and raises capital by issuing senior quotas in the fund to outside investors, who receive interest on these investments from the FIDC. As of the date of this annual report, the FIDC is rated AA+ by Fitch Ratings. In accordance with Brazilian
law, the FIDC may use between 50% and 100% of its capital to purchase merchant receivables. The FIDC uses the capital it raises to finance the early payment of receivables feature. Our remuneration from the early payment of receivables feature
continues to be reflected as Financial income in the consolidated financial statements. We do not expect the establishment of the FIDC to impact the discount rate we charge in connection with the early payment of receivables feature or the expenses
we incur to obtain early payment of note receivables from card issuers and acquirers. The FIDC is a common structure for Brazilian payment providers who offer early payment of merchants&#146; receivables. In addition to broadening our financing
options for this feature generally, it reduces certain regulatory constraints since the FIDC structure is specifically designed for this financing activity under Brazilian law, and we also expect it will allow us to defer certain tax obligations.
For further information regarding our early payment of receivables feature, see &#147;&#151;Our Products and Services&#151;The Free PagSeguro Digital Account&#151;The PagSeguro Ecosystem&#151;Early payment of installment receivables.&#148; </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The chart below shows our corporate structure as of the date of this annual report: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g580307g0404203728020.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Brazilian payments industry is highly competitive and fast-changing. We compete in the online digital payments market and in the POS
payments market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the online digital payments market, we compete primarily with international online payment services, such as PayPal,
and regional players, such as MercadoPago from MercadoLibre and MoIP/Wirecard. In the POS payments market, we compete primarily with international players, such as SumUp/Payleven, and regional players, such as MercadoPago from MercadoLibre. Our
business model differs from the model used by the incumbent Brazilian providers, such as Cielo, Rede, GetNet and Stone, who generally offer their POS devices under <FONT STYLE="white-space:nowrap">long-term</FONT> monthly rental contracts with
pricing that works out to be more expensive than the monthly installments for the purchase of our POS devices. These incumbent providers also target larger clients, since their business model results in more expensive products and services, while
our primary target customers are currently <FONT STYLE="white-space:nowrap">Micro-Merchants</FONT> and SMEs, who are underserved by incumbent payment providers and large financial institutions in Brazil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Like the digital payments industry in general, we also compete with other means of payment, both digital and traditional, including cash,
checks, money orders and electronic bank deposits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Among our peers, we are the only financial technology provider in Brazil, however, whose business
model covers all of the following five pillars: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Multiple digital payment solutions </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">In-person</FONT> payments via POS devices that we sell to clients </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Free digital accounts </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Issuer of prepaid cards to clients for spending or withdrawing account balances </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Operating as an acquirer </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We seek to differentiate ourselves from our competitors primarily on
the basis of this <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> coverage as well as our focus on transaction security, on ease of use, and on the mobile environment. While competitive factors and their
relative importance vary based on the size, industry and focus of each merchant, we believe the following factors are key to competition in the digital payments market in Brazil: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an ecosystem that attracts, retains and engages merchants and consumers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">speed and simplicity of the customer onboarding process; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">consumer confidence in transaction security, including the ability for consumers to make payments without sharing their financial information with the merchant or counterparty; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">POS devices with affordable prices and no rental fees; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">quality of customer service; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">breadth and depth of features and functionality; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">brand recognition and reputation. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information on risks relating to increased competition
in our industry, see &#147;Item&nbsp;3. Key Information&#151;Risk Factors&#151;Risks Relating to our Business and Industry&#151;Substantial and increasingly intense competition, both within our industry and from other payment methods, may harm our
business.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Insurance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have
insurance policies with reputable insurers in amounts that our management considers to be sufficient to cover potential losses arising from events that may affect our assets, as well as for any damages that we may have to pay to third parties due to
our business activities. We seek coverage against risks that are appropriate for our business activities and our scale, taking into account the nature of our business, the risks we are exposed to, market practices in our industry, and advice from
our insurance consultants. We currently have the following insurance policies, which were contracted by our controlling shareholder, UOL, and list our company and/or our subsidiaries as <FONT STYLE="white-space:nowrap">co-beneficiaries,</FONT> as
applicable: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">insurance policy for coverage of damages to property, business interruption and lost profits, which expires on December&nbsp;10, 2018 and has a coverage limit of R$1,371.0&nbsp;million; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">warehouse and storage facility insurance policy, which expires on November&nbsp;17, 2018 and has a coverage limit of R$50&nbsp;million; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general liability insurance, which covers damage awards paid by us in connection with tort claims. This policy expires on December&nbsp;31, 2018 and has a coverage limit of R$10&nbsp;million. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We review our coverage limits every year when the policies are renewed, to ensure that they remain consistent with the value of our assets and
the liabilities linked to our business. We do not currently anticipate any difficulties in renewing any of our insurance policies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While
we believe our insurance contracts reflect standard market practices, there are certain types of risks that may not be covered by our policies (such as war, terrorism, acts of God and force majeure, liability for certain harm or interruption of
certain business activities). Therefore, if any of these uncovered events occur, we may be required to incur additional costs to remedy the situation, reconstitute our assets or indemnify our customers, which may adversely affect us. In addition,
even if a risk is covered by our policies, we cannot assure you that any payment from our insurers will be sufficient to cover the loss. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Seasonality
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We operate in a somewhat seasonal industry, which tends to experience relatively fewer transactions in the first quarter of the year,
increased activity as the <FONT STYLE="white-space:nowrap">year-end</FONT> holiday shopping season initiates, and fewer transactions after the <FONT STYLE="white-space:nowrap">year-end</FONT> holidays. While we have not experienced significant
seasonality in our results at the date of this annual report due to our ongoing growth, this could change in the future. For additional information, see &#147;Item&nbsp;3. Key Information&#151;Risk Factors&#151;Risks Relating to Our Business and
Industry&#151;Our quarterly results of operations and operating metrics may fluctuate and are unpredictable and subject to seasonality, which could result in the price of our Class&nbsp;A common shares being unpredictable or declining.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regulation of the
digital payments industry in Brazil </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our activities in Brazil are subject to Brazilian laws and regulations relating to digital
payments. Law No.&nbsp;12,865/13, which took effect on October&nbsp;9, 2013, establishes the first set of rules regulating the digital payments industry within the overall Brazilian Payment System (the <I>Sistema de Pagamentos Brasileiro,</I> or
SPB), which refers to all the entities, systems and procedures related to the clearing and settlement of funds transfer, foreign currency operations, financial assets, and securities transactions in Brazil). This law created the concepts of payment
schemes (<I>arranjos de pagamento</I>), payment scheme owners (<I>instituidores de arranjos de pagamento</I>) and payment institutions (<I>institui&ccedil;&otilde;es de pagamento</I>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Law No.&nbsp;12,865/13 gave the Central Bank and the National Monetary Council (the <I>Conselho Monet&aacute;rio Nacional</I>, or CMN) powers
to regulate entities involved in the digital payments industry. These powers cover matters such as the incorporation and operation of these entities, risk management, the opening of payment accounts, and the transfer of funds to and from payment
accounts. After enactment of Law No.&nbsp;12,865/13, the CMN and the Central Bank created a regulatory framework regulating the operation of payment schemes and payment institutions. The framework consists of Resolutions 4,282 and 4,283 and
Circulars 3,680, 3,681, 3,682 and 3,683, all of which were published on November&nbsp;4, 2013. The circulars originally became effective on May&nbsp;5, 2014 and have been amended since that date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payment Schemes </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A payment scheme, for
Brazilian regulatory purposes, is a body of rules and technical standards for the execution of payment transactions through a payment system. The regulations applicable to payment schemes depend on certain features, such as the number of users and
the annual cash value of transactions handled by the payment scheme: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Payment schemes that exceed certain thresholds are considered to form part of the SPB and require authorization by the Central Bank. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Payment schemes that operate below these thresholds are not considered to form part of the SPB and are therefore not required to obtain authorization from the Central Bank, although they are required to report certain
operational information to the Central Bank on an annual basis and the Central Bank can issue an order requiring these payment schemes to apply for authorization to be part of the SPB on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">case-by-base</FONT></FONT> basis. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Certain types of payment schemes have specific exemptions from the requirement to obtain authorization from the Central Bank. This applies, for example, to limited-purpose payment schemes and payment schemes set up by
governmental authorities. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payment Scheme Owners </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment scheme owners, for Brazilian regulatory purposes, are the legal entities responsible for managing the rules, procedures and the use of
the brand associated with a payment scheme. Central Bank regulations require that payment scheme owners must be incorporated in Brazil, must have a corporate purpose compatible with payments activities, and must have the technical, operational,
organizational, administrative and financial capacity to meet their obligations. They must also have clear and effective corporate governance mechanisms that are appropriate for the needs of payment institutions and the users of payment schemes.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Payment Institutions </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment
institutions are classified into the following types under Brazilian regulations: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Issuers of electronic currency (i.e., <FONT STYLE="white-space:nowrap">e-money,</FONT> generally in the form of prepaid deposits): these payment institutions manage prepaid payment accounts for cardholders or <FONT
STYLE="white-space:nowrap">end-users.</FONT> They carry out payment transactions using electronic currency deposited into these <FONT STYLE="white-space:nowrap">pre-paid</FONT> such accounts, and convert the deposits into physical or book-entry
currency or vice versa. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Issuers of post-paid payment instruments (principally credit cards): these payment institutions manage payment accounts where the cardholder or <FONT STYLE="white-space:nowrap">end-user</FONT> intends to make payment on
a post-paid basis. They carry out payment transactions using these post-paid accounts. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Acquirers: these payment institutions do not manage payment accounts, but enable merchants to accept payment instruments issued by a payment institution or by a financial institution that participates in a payment
scheme. They participate in the settlement process for payment transactions by receiving the payment from the issuer of the prepaid or post-paid instrument, and settling with the merchant. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A payment institution must be incorporated in Brazil and must have a corporate purpose that is compatible with payments activities. If it
operates within a payment scheme that forms part of the SPB, it must be authorized by the Central Bank. The CMN and Central Bank regulations applicable to payment institutions cover a wide variety of issues, including penalties for noncompliance;
the promotion of financial inclusion; the reduction of systemic, operational and credit risks; reporting obligations; and governance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
regulations applicable to payment institutions also cover &#147;payment accounts&#148; (<I>contas de pagamento</I>), which are the <FONT STYLE="white-space:nowrap">end-user</FONT> accounts, in registered (i.e., book-entry) form, which are opened
with payment institutions that are issuers of prepaid or post-paid instruments and used for carrying out each payment transaction. Circular No.&nbsp;3,860/13 classifies payment accounts into two types: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Prepaid payment accounts: where the funds have been deposited into the payment account in advance of the intended payment transaction. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Post-paid payment accounts: where the payment transaction is intended to be performed regardless of whether or not funds have been deposited into the payment account in advance. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to provide protection from bankruptcy, Law No.&nbsp;12,865/13 requires payment institutions that are issuers of prepaid electronic
currency to segregate the funds deposited in prepaid payment accounts from their own assets. In addition, with respect to prepaid electronic currency, the payment institution must hold a portion of the funds deposited in the prepaid payment account
in certain specified instruments: either (i)&nbsp;in a specific account with the Central Bank that does not pay interest; or (ii)&nbsp;in federal government bonds registered with the SELIC. The portion of the prepaid electronic currency that must be
held in this form is currently 60%; this will increase to 80% on January&nbsp;1, 2018 and to 100% on January&nbsp;1, 2019. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>PagSeguro Brazil&#146;s Regulatory Position </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2014, PagSeguro Brazil applied to the Central Bank for the following authorizations: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Authorization as a <I>payment scheme owner</I> of a &#147;closed-loop domestic&#148; payment scheme, forming part of the SPB. This application relates to the PagSeguro digital account, which is a prepaid account
available to our customers. The application relates to our rules applying to the PagSeguro digital account and our brand. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Authorization as a <I>payment institution</I>, as an <I>issuer of prepaid electronic money</I>. This application relates to the PagSeguro digital account and to our issuance of PagSeguro electronic currency and prepaid
cards. The application regarding the PagSeguro digital account relates to our rules and our brand, and the application regarding our prepaid cards relates to the third-party payment schemes within which the cards are issued. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Authorization as a <I>payment institution</I>, as an <I>acquirer</I>. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the date of this
annual report, we are still awaiting these authorizations, although PagSeguro Brazil is entitled to continue carrying on these businesses pending receipt of the authorizations because it were already operating these regulated activities before Law
No.&nbsp;12,865/13 took effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil is also a <I>payment scheme owner</I> of a &#147;closed-loop domestic&#148; payment
scheme not forming part of the SPB, which relates to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> transfers between accounts opened by our clients within the PagSeguro digital account, using our rules
applying to the PagSeguro digital account and our brand. Since this payment scheme does not form part of the SPB it does not currently require Central Bank authorization; however, we are required to report certain operational information regarding
this scheme to the Central Bank on an annual basis, such as the number of users and the annual cash value of our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> transfer transactions. If these numbers or
certain other operational data exceed the relevant Central Bank thresholds in the future, we will also be required to apply for Central Bank authorization for this payment scheme. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil has also applied to the Central Bank for authorization as a <I>payment institution</I>, as an issuer of <I>post-paid cards
</I>within third-party payment schemes. We do not currently carry on this business and will not be entitled to do so prior to receipt of the Central Bank authorization, since we did not operate this regulated activity before Law No.&nbsp;12,865/13
took effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Law No.&nbsp;12,865/13 prohibits payment institutions from performing activities that are restricted to financial
institutions, which are regulated by Law No.&nbsp;4,595, of December&nbsp;31, 1964. There is some debate under Brazilian law as to whether providing early payment of receivables to merchants could be characterized as &#147;lending&#148;, which is an
activity that is restricted to financial institutions. Similarly, there is some debate as to whether the discount rates applicable to this early payment feature should be considered as &#147;interest,&#148; in which case the limits set by the
Brazilian Usury Law would apply to these rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For transactions that form part of the Brazilian financial system, financial institutions
may set interest rates freely, provided that they are not excessively burdensome to consumers. For transactions that do not form part of the Brazilian financial system, the Brazilian Usury Law <FONT STYLE="white-space:nowrap">(Decree-Law</FONT>
No.&nbsp;22,623 of April&nbsp;7, 1933) capped interest rates at 12%&nbsp;per year. Subsequently, the Brazilian Civil Code, which replaced the Usury Law, capped interest rates at two times the interest rates applicable to National Treasury
(<I>Fazenda Nacional</I>), which is currently the SELIC rate (although there is some legal debate as to whether the Brazilian Civil Code has effectively replaced the original Usury Law). As a result, if the discount rate that we charge merchants for
early payment of their receivables is considered to be &#147;interest,&#148; it would be capped at two times the SELIC rate. This limitation is mitigated by the FIDC that we use to finance our early payment of receivables feature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we fail to comply with the requirements of the Brazilian legal and regulatory frameworks, we could be prevented from carrying out our
regulated activities, we could be (i)&nbsp;required to pay substantial fines (including per transaction fines) and disgorgement of our profits, (ii)&nbsp;required to change our business practices or (iii)&nbsp;subjected to insolvency procedures such
as an intervention by the Central Bank and the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-court</FONT></FONT> liquidation of PagSeguro Brazil. We could also be subject to private lawsuits. For additional information,
see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Our Business and Industry&#151;Our business is subject to extensive government regulation and oversight and our status under these regulations may change. Violation of or
compliance with present or future regulation could be costly, expose us to substantial liability and force us to change our business practices, any of which could seriously harm our business and results of operations.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Central Bank also regulates our international transfers of funds under foreign exchange
regulations. Compliance with these rules is mandatory and any failure to comply may result in penalties against us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Central
Bank&#146;s regulations also allow payment schemes to set additional rules for entities that use their brands. Since we participate in these payment schemes, we must comply with their rules in order to continue accepting payments from payment
instruments bearing their brands. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Anti-Money Laundering Rules </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We comply with all anti-money laundering, or AML, rules applicable to us and have implemented policies and procedures to report suspicious
activities to the authorities, including any suspected terrorism financing and other potentially illegal activities. We have a risk and fraud division led by a risk officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our activities in Brazil are subject to Brazilian laws and regulations relating to anti-money laundering, or AML, terrorism financing and
other potentially illegal activities. These rules require us to implement policies and internal procedures to monitor and identify suspicious transactions, which must be duly reported to the relevant authorities. We have implemented all the required
policies and internal procedures to ensure full compliance with these rules and regulations, including structuring a risk and fraud division led by a risk officer. Our employees are informed of our policies and internal procedures and their
compliance is mandatory and supervised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Brazilian anti-money laundering law establishes the basic framework to prevent and punish
money laundering as a crime. It prohibits the concealment or dissimulation of origin, location, availability, handling or ownership of assets, rights or financial resources directly or indirectly originated from crimes, subjecting the agents of
these illegal practices to imprisonment, temporary disqualification from managing enterprises up to 10&nbsp;years and monetary fines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Brazilian anti-money laundering law also created the Financial Activities Control Council, or COAF, which is the Brazilian financial intelligence unit that operates under the jurisdiction of the Ministry of Finance. COAF performs a key role in the
Brazilian anti-money laundering and counter-terrorism financing system, and its legal responsibility is to coordinate the mechanisms for international cooperation and information exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In compliance with the Brazilian anti-money laundering law, payment institutions in Brazil must establish internal control and procedures
aiming at: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">identifying and knowing their clients; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">checking the compatibility between the movement of funds of a client and such client&#146;s economic and financial capacity; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">checking the origin of funds; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">carrying out a prior analysis of new products and services, under the perspective of money laundering prevention; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">keeping records of all transactions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reporting to COAF, within one business day, any transaction deemed to be suspicious by the financial institution, as well as all transactions in cash equivalent to or higher than R$100,000, without informing the
involved person or any third party; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">applying special attention to (i)&nbsp;unusual transactions or proposed transactions with no apparent economic or legal bases; (ii)&nbsp;client and transactions for which the UBO cannot be identified; and
(iii)&nbsp;situations in which it is not possible to keep the clients&#146; identification records duly updated; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">offering anti-money laundering training for employees; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">monitoring transactions and situations which could be considered suspicious for anti-money laundering purposes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reporting to COAF the occurrence of suspicious transactions, as required under applicable regulations, and also, at least once a year, whether or not suspicious transactions are verified, in order to certify the <FONT
STYLE="white-space:nowrap">non-occurrence</FONT> of transactions subject to reporting to COAF (negative report); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">ensuring that policies, procedures and internal controls are commensurate with the size and volume of transactions; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">unavailability of goods, values and rights of possession or ownership and all other rights, real or personal, owned, directly or indirectly, of natural or legal persons subject to sanctions by the resolutions of the
United Nations Security Council. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">E-Commerce,</FONT> Data Protection, Consumer Protection
and Taxes </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to regulations affecting digital payment schemes, we are also subject to laws relating to Internet
activities and <FONT STYLE="white-space:nowrap">e-commerce,</FONT> as well as consumer protection laws, tax laws and other regulations applicable to Brazilian companies generally. Internet activities in Brazil are regulated by Law
No.&nbsp;12,965/14, known as the Brazilian Civil Rights Framework for the Internet, which embodies a substantial set of rights and obligations relating to Internet service providers. This law exempts intermediary platforms such as PagSeguro from
liability for activities carried out by their users. Since there are no settled court decisions in this area, however, it is still possible that we may be subject to joint civil liability for activities carried out by our users. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Law No.&nbsp;8,078/90, known as the Consumer Protection Code, regulates consumer relations in Brazil, including matters such as: commercial
practices; product and service liability; areas where suppliers of products or services are subject to strict liability; the reversal of the burden of proof so as to benefit consumers; the joint and several liability of all companies within a supply
chain; unfair contract terms; advertising; and information on products and services that are offered to the public. Consumers have the right to receive clear and accurate information regarding retail products and services, with correct specification
of characteristics, structure, quality, price, risks, and consumers&#146; rights to access and amend personal information collected about them and stored in private databases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer accounts on our digital platform are subject to data protection under the Brazilian Civil Rights Framework for the Internet and
Article 17 of the CMN&#146;s Resolution No.&nbsp;4,282/13. We are also subject to trademark protection rules, and to tax laws and related obligations such as the rules governing the sharing of customer information with tax and financial authorities.
It is unclear whether the tax and regulatory authorities would seek to obtain information regarding our customers. Any such request could come into conflict with the data protection rules, which could create risks for our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The laws and regulations applicable to the Brazilian digital payments industry are subject to ongoing interpretation and change, and our
digital payments business may become subject to regulation by other authorities. For further information on the risks relating to regulation of business, please see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to our Business
and Industry.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Property, Plant and Equipment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Facilities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
do not own any real estate. Our head office and operations center in S&atilde;o Paulo are provided by UOL on a cost-sharing basis under an agreement for apportionment of expenses signed between us and UOL. For more information on this agreement, see
&#147;Item 7. Major Shareholders and Related Party Transactions&#151;Related Party Transactions&#151;Agreements with UOL and UOL Subsidiaries&#151;Cost-Sharing Agreements.&#148; We also lease office space for our three subsidiaries. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Equipment </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The majority of our equipment consists of data processing equipment, which made up 66.4% of our equipment costs in 2017. The rest of our
equipment consists of machinery, facilities and furniture and fittings. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Intellectual Property </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We regard the protection of our trademarks, copyrights, logos, service marks, trade dress, domain names, patents and trade secrets as critical
to our future success. To establish and protect our proprietary rights in our products and services, we rely on a combination of trademark, copyright, service mark, patent and trade secret laws, administrative procedures and contractual
restrictions. We have entered into confidentiality and invention assignment agreements with our employees and certain outside contractors. We have also established <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreements with our employees,
strategic partners and some suppliers in order to limit access to and disclosure of our proprietary information and technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
actively pursue registration of our trademarks, copyrights, logos, service marks, trade dress and domain names. We have registered or applied for registration of trademarks with the Brazilian Patent and Trademark Office (<I>Instituto Nacional da
Propriedade Industrial</I>, or INPI) including, among others, the trademarks and logos of &#147;PagSeguro,&#148; &#147;Moderninha,&#148; &#147;Minizinha&#148; and &#147;PlugPag&#148;. We have also registered several domain names with NIC.br,
Brazil&#146;s Internet domain name registry, and domain registrars in the United States and elsewhere, including &#147;pagseguro.com.br,&#148; &#147;pagseguro.com,&#148; &#147;moderninha.com.br,&#148; &#147;moderninhapro.com.br,&#148;
&#147;minizinha.com.br&#148; and &#147;boacompra.com.br.&#148; We own or have the right to use all of the material intellectual property that we use. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have material contracts with Visa and MasterCard in connection with our activities as an
acquirer for these card schemes. Our Visa Payment Arrangements Participation and Trademark License Agreement, dated as of April&nbsp;23, 2015, between Visa do Brasil Empreendimentos Ltda. and PagSeguro Brazil sets forth the general terms and
conditions under which PagSeguro Brazil acts as a merchant acquiring principal participant for Visa in Brazil and provides PagSeguro Brazil with a <FONT STYLE="white-space:nowrap">non-exclusive</FONT> and
<FONT STYLE="white-space:nowrap">non-transferable</FONT> license to use certain trademarks owned by Visa in connection with its activities as an acquirer in Brazil. Under this agreement, PagSeguro Brazil is exclusively responsible for all the costs
and risks associated with its participation as a merchant acquiring principal and consideration payable to Visa under this agreement is determined by the standard payment terms set forth in the Visa Core Rules and Visa Product and Service Rules,
available on Visa&#146;s website. Our License Agreement, dated as of June&nbsp;18, 2015 and as amended from time to time, between MasterCard International Incorporated and PagSeguro Brazil sets forth the general terms and conditions under which
MasterCard grants PagSeguro Brazil a <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license to use certain trade names, trademarks, service marks and logotypes (including MasterCard, Cirrus and Maestro branded marks) in Brazil in connection
with PagSeguro Brazil&#146;s issuing and acquiring activities. No consideration is due to MasterCard under this agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We operate
software products under licenses, including certain open source licenses, from our vendors, including, among others, Verifone, Oracle, Feedzai and Cisco. Even if any such third-party technology did not continue to be available to us on commercially
reasonable terms, we believe that alternative technologies would be available as needed in every case. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The standard online contract
entered into between us and our merchants when they open a PagSeguro digital account provides a limited, <FONT STYLE="white-space:nowrap">non-transferable</FONT> license to certain of our proprietary rights, such as our name and logo, for use by our
merchants for commercial purposes. We expect to continue this practice in the future as part of our marketing strategy. While we attempt to ensure that our licensees maintain the quality of the PagSeguro brand, they may take actions that could
materially adversely affect the value of our proprietary rights or reputation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information about risks affecting our intellectual
property, see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to our Business and Industry&#151;We have only a limited ability to protect our intellectual property rights, which are important to our success.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Industry </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Micro-Merchants and Small and Medium
Businesses Drive the Brazilian Economy </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to SEBRAE and the Portal do Empreendedor, in 2016, Micro-Merchants and SMEs
accounted for 99.8% of Brazil&#146;s 12&nbsp;million businesses. According to data published by Neoway Business Solutions in 2017, Micro-Merchants and SMEs represented 35.4%, or R$1.8 trillion, of the R$5.1&nbsp;trillion total annual TPV from
businesses in the following sectors: wholesale, retail, other commercial, electronics, pharmaceutical, hotels and food service, education, healthcare, professional and technical services, textiles and transportation. SEBRAE and Brazil&#146;s General
Registry of the Employed and Unemployed Workers (<I>Cadastro Geral de Empregados e Desempregados</I>, or CAGED) report Micro-Merchants and Small Companies created more than 310,000 new jobs in the first nine months of 2017. In addition, according to
SEBRAE, between 2010 and 2016, the number of individual entrepreneurs in Brazil grew by approximately one million per year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Significant Room for
Growth of Alternative and Digital Payment Methods </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Business and consumers in developed economies are moving away from cash and
paper payments at a slow but steady rate and migrating to electronic payment mechanisms. Since this trend has not yet fully impacted the Brazilian economy, the opportunity for expansion of digital payments in Brazil remains significant. For example,
59% of the Brazilian population reported having made or received a digital payment in 2015, compared to 92% in the United States and 97% in the United Kingdom, according to the World Bank. In the same year, cash and other physical payment means
represented 48% of total consumer payments by transaction volume in Brazil, compared to 37% in the United States and 27% in the United Kingdom. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The migration away from checks, in particular, creates efficiencies for businesses, who can
reduce cost and accelerate cash flow if their accounts payable and accounts receivable functions are automated through electronic payments and reconciliation. Similar opportunities exist for consumer bill payment, direct deposit, and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">person-to-person</FONT></FONT> payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil has been an early adopter of
disruptive innovation in a number of areas, being the third largest market for Uber (including S&atilde;o Paulo, the city that generated the largest annual number of Uber rides of any city worldwide as of August&nbsp;11, 2017, according to Veja),
the second largest market for Waze, the fourth largest market for Netflix, and the third largest market for Facebook worldwide in terms of mobile Facebook users, in each case, except as otherwise noted, according to eMarketer. In addition, the city
of Rio de Janeiro was the fourth largest market for Airbnb in terms of number of registered homes during 2016, according to Panrotas. In <FONT STYLE="white-space:nowrap">e-commerce,</FONT> transaction volumes in Brazil grew to R$44.4&nbsp;billion in
2016 from R$18.7&nbsp;billion in 2011 according to eMarketer, representing average growth of 18.9%&nbsp;per year for the period. In addition, the growth of <FONT STYLE="white-space:nowrap">e-commerce</FONT> over mobile devices, which, according to
eMarketer, in 2015 represented 11.7% of <FONT STYLE="white-space:nowrap">e-commerce</FONT> transactions in Brazil, compared to 23.6% in the United States, creates new payments options for both sellers and buyers, bringing business opportunities for
acquirers and digital payments providers. Furthermore, according to the World Bank and calculated using the weighted average, Brazil has a high penetration of mobile phones, with 119 mobile phones per 100 inhabitants at December&nbsp;31, 2016,
compared to 118 in Organization for Economic Cooperation and Development, or OECD, member countries and 102 worldwide. This trend is driven by (i)&nbsp;the rollout of 3G and 4G networks (98% of the Brazilian population had access to 3G at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2016); (ii)&nbsp;increased smartphone penetration (the number of smartphones in Brazil represented 96% of the population at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016); and (iii)&nbsp;the
increasing accessibility of mobile data plans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Structure of the Brazilian Financial Market Creates Significant Opportunities for Disruption
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The structure of the Brazilian financial market creates significant opportunities for technology-driven disruption, particularly
when compared to more developed markets. The banking market is relatively concentrated for global standards. For example, a World Bank report using 2015 data rated principal banking markets using the Herfindahl-Hirschman Index, or HHI, which
expresses market concentration of&nbsp;gross loans, where 10,000 represents a perfect monopoly and 1 represents perfect competition. According to this report, Brazil had HHI concentration of 1,248 in 2015, making it the 18<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> most concentrated market in the world on this measure. In the same year the United States had HHI&nbsp;concentration of 714, making it the 36<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>
most concentrated market; and the United Kingdom had HHI&nbsp;concentration of 432, making it the 42<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> most concentrated market. The same report showed that banking penetration in Brazil lags more
developed markets in terms of the percentage of the population that had a bank account, had a credit card, or had made or received a digital payment. Brazil&#146;s relative lack of penetration was even greater with respect to <FONT
STYLE="white-space:nowrap">e-commerce</FONT> and mobile payments. These lower penetration measures are amplified among the lower income classes in Brazil. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g580307g0404203728254.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">Source:</TD>
<TD ALIGN="left" VALIGN="top">World Bank </TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment card use also remains relatively low in Brazil compared to more developed markets.
According to a December 2016 report by BIS, and data from the World Bank, debit and credit card payments accounted for 28.4% of Brazilian household consumption in 2015, compared with 45.0% in&nbsp;the United States and 54.9% in the United Kingdom,
representing significant growth potential for&nbsp;acquirers in Brazil. Credit card penetration levels are a fundamental driver for the digital payments&nbsp;industry. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Commerce Is Increasingly Digital and Mobile Worldwide </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the International Telecommunications Union, an estimated 3.3&nbsp;billion people, or 44.6% of the total global population, used
the Internet in 2016, compared with 2.1&nbsp;billion people, or 30.7% of the total global population, in 2011. Of this user base, 58.3% carried out <FONT STYLE="white-space:nowrap">e-commerce</FONT> transactions in 2016, compared with 37.2% in 2011,
showing significant growth in <FONT STYLE="white-space:nowrap">e-commerce.</FONT> This growth is supported by the global increase in mobile device penetration, reductions in the cost of Internet access in various markets, and improving
telecommunications network infrastructure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increasing number of businesses offering online shopping is fueling consumer demand for
faster and more reliable payment methods. We believe these trends create an environment where merchants feel compelled to interact more closely with a broader range of customers, through the use of online stores, mobile-friendly technologies and
extensive compatibility with digital payment methods, such as cards and <FONT STYLE="white-space:nowrap">e-wallets.</FONT> For example, according to BIS the World Bank and Worldpay, in 2015, 25% of total money spent online was via credit cards, 17%
was via debit cards, 10% was via bank transfer, 7% was via cash on delivery, 31% was via an <FONT STYLE="white-space:nowrap">e-wallet</FONT> and 10% was via other payment methods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that there is a significant market opportunity for growth in <FONT STYLE="white-space:nowrap">e-commerce</FONT> in Brazil. As
mentioned above, <FONT STYLE="white-space:nowrap">e-commerce</FONT> transaction volumes in Brazil grew to R$44.4&nbsp;billion in 2016 from R$18.7&nbsp;billion in 2011 according to Webshoppers. According to eMarketer, Brazil had the fourth largest
online audience in the world with 139&nbsp;million Internet users in 2016, representing penetration of 58.2% of the population, compared with penetration of 82.5% in the United States. Regionally, <FONT STYLE="white-space:nowrap">e-commerce</FONT>
in Latin America grew at an average growth rate of 28.9%&nbsp;per year from 2012 to 2015 according to data prepared by eMarketer, despite recent macroeconomic volatility in certain countries, particularly Brazil. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Businesses Are Shifting Towards Increasingly <FONT STYLE="white-space:nowrap">Non-Bureaucratic,</FONT> Friendly and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">All-in-One</FONT></FONT> Services </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As technology and the regulatory environment evolve, sellers of all
types and sizes face a continuous need for new solutions. Significant number of businesses in Brazil remain unserved or underserved in terms of online payments, POS and mPOS services as well as value-added financial services tools for a number of
reasons, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Lack of access: </I>According to a Datafolha survey carried out in June 2017, more than half of the Micro-Merchants and SMEs in Brazil did not accept payment cards in 2016, and only one in 10 operates via a digital
platform. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Lack of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">all-in-one</FONT></FONT> offerings: </I>Given the low availability of integrated, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">end-to-end</FONT></FONT> ecosystems, merchants frequently have to assemble hardware, software, and payment services from a number of third parties in order to run their businesses. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Time-consuming, limited access to conventional funds: </I>Micro-Merchants and SMEs have historically faced difficulties accessing early payment of installment receivables from the incumbent payment processing
providers in Brazil. In addition, when they provide the feature, the incumbents often require customers to request early payment on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">transaction-by-transaction</FONT></FONT> basis.
Furthermore, conventional funds generally involve high interest rates in Brazil. According to the Central Bank, at December&nbsp;31, 2017, when the SELIC, the Central Bank&#146;s overnight rate, rate was 6.9%, financial costs were 113% per annum for
a personal loan, 323% per annum for overdraft credit for a private individual, 331% per annum for overdraft credit for a business, 335% for revolving credit for a private individual and 241% per annum for revolving credit for a business. In
comparison, we offer our early payment of installment receivables feature for merchants at a rate equivalent to 42% per annum. Given these comparatively low interest rates, we believe there is a large market opportunity for our early payment of
installment receivables feature. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Lack of transparency: </I>Certain incumbent payment processing providers in Brazil offer terms and pricing that can be complex and unpredictable. The process for obtaining a POS device can be time-consuming and
complex, since the larger acquirers are linked to major banks and require the merchant to become a bank client in order to receive the device. Partly for these reasons, a significant portion of Micro-Merchants remain unbanked and therefore represent
a market opportunity for digital payment solutions, particularly from a provider who can offer simpler onboarding and preapproved early payment of installment receivables. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_8"></A>ITEM&nbsp;4A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>UNRESOLVED STAFF COMMENTS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_9"></A>ITEM&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>OPERATING AND FINANCIAL REVIEW AND PROSPECTS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion should be read in
conjunction with our audited consolidated financial statements and the notes thereto included elsewhere in this annual report, as well as the data set forth in &#147;Item 3. Key Information&#151;Selected Financial and Operating Data.&#148; The
following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to
these differences include those discussed below and elsewhere in this annual report, particularly in &#147;Item 3. Key Information&#151;Risk Factors.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Operating and Financial Review and Prospects </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Overview </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a disruptive
provider of financial technology solutions focused primarily on Micro-Merchants, Small Companies and <FONT STYLE="white-space:nowrap">Medium-Sized</FONT> Companies, or SMEs, in Brazil. We are the only financial technology provider in Brazil whose
business model covers all of the following five pillars: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Multiple digital payment solutions </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">In-person</FONT> payments via POS devices that we sell to clients </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Free digital accounts </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Issuer of prepaid cards to clients for spending or withdrawing account balances </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Operating as an acquirer. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem enables our customers not only to accept payments, but also to grow and manage their businesses. Before PagSeguro, many of these
Micro-Merchants and SMEs were overlooked or underserved by incumbent payment providers and large financial institutions in Brazil. For example, according to a survey conducted by us in June 2017, 75% of merchants who own our entry-level mPOS device,
the Minizinha, did not accept card payments prior to signing up with PagSeguro. We offer safe, affordable, simple, mobile-first solutions for merchants to accept payments and manage their cash through their PagSeguro digital accounts, without the
need for a bank account. Our digital account offers more than 30 payment methods and six <FONT STYLE="white-space:nowrap">cash-out</FONT> options including our PagSeguro prepaid card, all using our proprietary technology platform and backed by the
trusted PagSeguro and UOL brands. Our digital ecosystem also features other digital financial services, business management tools and functionalities for our clients. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Financial Presentation and Accounting Practices </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information on our consolidated financial statements, see &#147;Presentation of Financial and Other Information.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Principal Factors Affecting Our Financial Condition and Results of Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe our operating and business performance is driven by various factors that affect the global and Brazilian economy, the Brazilian
digital payments market, trends affecting the broader Brazilian financial technology solutions industry, and trends affecting the specific markets and customer base that we target, particularly Micro-Merchants and SMEs in Brazil. The following key
factors may affect our future performance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Adoption of our digital payment services and POS devices, and usage of our early payment
of receivables feature </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe our digital platform, digital payment services and POS devices are the foundation of our
relationship with our clients. We generate revenue through the commissions and other fees that we charge for electronic payment intermediation, as well as fees for other services and revenues from sales of POS devices and related items, and we
generate financial income through the early payment of receivables feature that we offer our merchant clients. We intend to continue to drive growth in our digital payment services, POS devices and early payment of receivables feature by scaling our
solutions to meet the needs of our clients. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our digital payment solutions and POS devices are the principal way in which our clients become
familiar with our full range of products and services. We seek to leverage the familiarity generated by these services, features and devices to encourage merchants to sign up for our other services, which can help them increase their sales and, in
turn, generate incremental revenue for us. As a result, the number of new merchants who adopt our digital payment services and purchase our POS devices will affect our growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, our customer base consists primarily of Micro-Merchants and SMEs, who tend to generate relatively high levels of early payment of
receivables from installment transactions in order to fulfill their working capital needs. These Micro-Merchants and SMEs are at the core of our strategy. In the future, however, as we sign up a greater proportion of larger merchants, we expect
early payment to represent a smaller relative proportion of our overall results, since larger merchants tend to request significantly lower volumes of early payment, given their easier access to alternative funding. Hence, we believe that while our
Financial income will continue to increase in absolute terms as our client base grows, it may decrease as a proportion of our Total revenues and income in the medium and longer term. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Increased use of credit and debit cards and expanded card payments network </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The results of our operations depend to a significant degree on the use of credit and debit cards to make digital payments in Brazil. In 2014,
according to ABECS and the Central Bank, the transaction volume for payment cards overtook the transaction volume for checks for the first time. Credit and debit card transaction volume in Brazil has increased at a compound annual growth rate of
15.2% from 2010 to 2016 according to ABECS. As a further indication of this growth, MasterCard stated that the Brazilian <I>real</I> was one of its three primary revenue billing currencies in 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Growth of <FONT STYLE="white-space:nowrap">e-Commerce</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our results of operations depend in part on consumers&#146; widespread acceptance and use of the Internet as a way to conduct commerce and
financial transactions. <FONT STYLE="white-space:nowrap">E-commerce</FONT> is also underpenetrated compared to <FONT STYLE="white-space:nowrap">e-commerce</FONT> levels in more developed economies. In Brazil,
<FONT STYLE="white-space:nowrap">e-commerce</FONT> accounted for only 3.6% of retail sales in 2016, compared to 7.8% in the United States. According to a 2017 report commissioned by ABECS and carried out by Datafolha, online purchases made up only
19.2% of the total credit card transaction volume in Brazil in 2016, an increase of 3.2% from 18.6% in 2015. Since we view commerce via mobile devices as a key driver of growth going forward, we focus on maintaining a mobile-first digital platform,
and we design our solutions on a mobile-first basis so that our merchants can be self-sufficient at all times. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Launch of new
products and services and cross-selling to our clients </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We strive to stay on the cutting edge of the financial technology solutions
industry by developing and launching new products and services to offer to both new and existing clients and intend to continue to invest in product development to build new products and services and to bring them to market. This allows us to
continue to meet the needs of our clients, as these needs grow and change over time. While we expect our total expenses to increase in the short term as we plan for growth, we expect our expenses to decline as a percentage of our Total revenue and
income over the medium term as these investments benefit our business and our business grows. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our existing clients represent a sizable
opportunity to cross-sell products and services with relatively low incremental marketing and advertising expenses for us. We believe that our range of services, many of which can be used for both business and personal needs, represents an
opportunity to further increase engagement with our existing clients. We plan to continually invest in product development so as to maintain and increase the attractiveness of our products and services. To the extent that we are able to cross-sell
these products and services and develop and introduce new products and services to our existing clients and attract new clients, we expect our revenues and financial income to continue to grow and our margins to increase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Marketing and advertising </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our marketing strategy is designed to grow our platform by reinforcing brand recognition and confidence associated with the PagSeguro brand,
attracting new users and increasing frequency of use by our existing users. We continue to build and maintain brand recognition and awareness, while generating demand for our products and services through a variety of marketing campaigns, including
advertising through traditional media, such as television, magazines and newspapers, online advertising and sponsored blogs. Marketing initiatives that specifically aim to recruit merchants to our ecosystem currently focus on our POS and mPOS
devices, web checkout solutions and other online payment solutions, such as Pag.ae. We believe that introducing our digital payment solutions to merchants who are not yet our clients is the most efficient and cost-effective strategy to sustain our
growth among both merchants and consumers, creating a &#147;network effect&#148; where existing clients recruit new clients for us through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">word-of-mouth</FONT></FONT> recommendations.
Given the nature of our revenue streams, which are distributed over time as merchants purchase POS devices and/or process transactions, our investments in marketing and advertising campaigns do not realize returns in the same period in which they
are made but over subsequent periods, which could adversely affect our short-term results. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Merchant size </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We benefit from our primary focus on Micro-Merchants and SMEs, who we believe were overlooked or underserved by incumbent payment providers and
large financial institutions in Brazil before PagSeguro. As our existing merchants grow and as we serve increasingly larger merchants we expect our TPV to grow accordingly, while we will remain focused on Micro-Merchants and SMEs. Serving an
increasing number of larger merchants also presents an opportunity to cross-sell value-added services and features such as accounting reconciliation, which generate incremental revenues and margin with low or no customer acquisition costs. Over
time, we expect an increasing portion of our growth to come from a combination of increased numbers of active merchants and increased average spending per active merchant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Consumer adoption of our products and services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Many of our products and services reach consumers directly. Our escrow period service for consumer protection and mediation services make <FONT
STYLE="white-space:nowrap">e-commerce</FONT> safer for consumers, and we believe our digital account and PagSeguro prepaid cards provide easy, attractive alternatives for consumers who do not have bank accounts. In addition, our social payment
solutions, such as Pag.ae, allow our clients to use their PagSeguro account for either business or personal needs. We have made significant investments in the development of these consumer-facing products and services, and our ability to grow our
consumer network going forward will be important for strengthening our ecosystem and driving our growth. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Currency fluctuations
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not generate material revenues in foreign currencies that could substantially affect our results of operations. Certain of
our expenses are subject to currency fluctuation, as the prices of the POS devices we purchase are set in U.S. dollars (both for the devices we imported from outside Brazil prior to <FONT STYLE="white-space:nowrap">mid-2015,</FONT> and for the
locally-made devices we have been purchasing since then). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Inflation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inflation, government policies adopted to curb inflationary pressures and uncertainties regarding possible future governmental intervention
have contributed to economic uncertainty in Brazil. According to the IPCA, Brazilian inflation rates were 3.0%, 6.3% and 10.7% in 2017, 2016 and 2015, respectively, while the SELIC rate, the Central Bank&#146;s overnight rate, increased from 10.00%
at the beginning of 2014 to a high point of 14.25% in 2016, before a series of rate reductions in 2017, bringing the SELIC rate down to 7.00% as of December&nbsp;7, 2017, where it remained at <FONT STYLE="white-space:nowrap">year-end</FONT> 2017.
For more information, see &#147;&#151;Brazilian political environment and macroeconomic conditions, interest rates, consumer credit and consumer spending&#148; and &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to
Brazil&#151;Inflation and certain measures by the Brazilian government to curb inflation have historically harmed the Brazilian economy and Brazilian capital market, and high levels of inflation in the future would harm our business and the price of
our Class&nbsp;A common shares.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inflation has a direct effect on our contracts with certain suppliers, such as telecommunications
operators, whose costs are indexed to the IPCA, and data processors, whose labor costs are adjusted according to inflation. While inflation may cause our suppliers to increase their prices, we are generally able to offset this effect by increasing
the prices we charge for our products and services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When merchants adjust their prices for inflation, the purchasing power of consumers
may be reduced, which may adversely affect our revenue if it results in a reduction in the number and volume of transactions. However, if our merchants raise their prices due to inflation, the amount we receive on each transaction also increases.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Pricing and revenue mix in our payment processing services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate revenue in the form of commissions and fees on the capture, transmission, processing and settlement of transactions carried out
using credit, debit and meal voucher cards, as well as fees for other services. Credit and debit cards generate commissions in the form of the merchant discount rate, or MDR, which is a commission withheld by us from the transaction value paid to
the merchant. The MDR we charge may vary over time and we may make different commercial offers for different services or for larger clients. However, overall, the MDR for debit cards is lower than that for credit cards. Our current standard MDR
rates are 2.39% for POS debit card transactions, 3.19% for POS credit card transactions not paid in installments, 3.79% for POS credit card transactions paid in installments and 3.99% for online transactions, irrespective of whether such online
transaction was paid in installments. Online transactions are also charged a fixed amount of R$0.40 per sale in addition to these MDR rates. Payments made using meal voucher cards and other payment methods generate
<FONT STYLE="white-space:nowrap">per-transaction</FONT> and/or percentage commissions at various rates. The MDR rates for credit card transactions vary according to whether the merchant has opted for the
<FONT STYLE="white-space:nowrap">14-day</FONT> or <FONT STYLE="white-space:nowrap">one-day</FONT> payment service under our payment date election service. For merchants who select the <FONT STYLE="white-space:nowrap">one-day</FONT> payment date
election, the standard MDR is 4.99% for POS credit card transactions not paid in installments and 5.59% for POS credit card transactions paid in installments. For merchants who select the <FONT STYLE="white-space:nowrap">14-day</FONT> payment date
election, the standard MDR is 3.99% for POS credit card transactions not paid in installments and 4.59% for POS credit card transactions paid in installments. Our revenues are therefore impacted by the mix of these types of services that we sell, as
well as any changes in the pricing for each service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We face competition in all of our payment services and sales of POS devices, and we
expect this competition to intensify in the future. For further information, see &#147;Item 3. Key Information&#151;Risk Factors&#151;Substantial and increasingly intense competition, both within our industry and from other payment methods, may harm
our business.&#148; In addition, we currently offer lower pricing to certain of our clients who generate higher TPV, and we may be required to extend this pricing to other clients as our merchant base expands to include a greater proportion of
larger merchants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Financing of our early payment of merchants&#146; receivables feature </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We receive significant financial income from offering our merchants the option to obtain early payment of their receivables from credit card
installments. We also incur significant financial expenses in order to fund this optional feature. Through the date of our initial public offering, we funded this feature (i)&nbsp;principally by obtaining early payment of note receivables due to us
from the card issuers and acquirers, enabling us to provide the related early payment to merchants, as well as (ii)&nbsp;through our general third party borrowings and own capital. We plan to use a portion of the proceeds from our initial public
offering in order to reduce our recourse to outside funding for our early payment feature. Our ability to maintain adequate funding for the early payment feature is important for our operations and future income generation. For further information,
see &#147;&#151;Principal Components of Our Results of Operations&#151;Financial Expenses.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interchange fees </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We rely on card issuers and card schemes to process our transactions, and we are required to pay fees for this service. In addition, although
we are accredited as an acquirer, we also use third-party acquirers. From time to time, card schemes such as MasterCard and Visa may increase the interchange fees that they charge for each transaction using one of their cards. Credit card schemes
have the right to pass any increases in interchange fees on to us as well as increase their own fees for processing. In addition, card schemes have imposed and may again impose special assessments for transactions that are executed through a
&#147;digital wallet,&#148; and these fees could particularly affect us and significantly increase our costs. Although our standard contract with our merchant clients allows us to adjust our rates and tariffs at our discretion by notice to the
merchant, our ability to vary our pricing remains subject to a variety of factors, including competition from other payment providers, market conditions and, in certain cases, direct price negotiations with the merchant. As a result, we may not
necessarily be able to pass through all interchange and processing fees to our merchant clients and increases in these fees may therefore increase our Cost of sales and services and reduce our margins. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The interchange fee, which we record as Transaction costs within Cost of sales and services, has the potential to affect our margins. An
increase in interchange fees will result in an increase in our Cost of sales and services and if we cannot pass the interchange fees onto customers via a corresponding increase in MDR, our margin will also be affected. Currently, the difference
between interchange fees and the MDR we charge is less for debit card transactions than for credit card transactions, so our margins on credit card transactions are greater. We cannot predict if or when the card schemes will increase their
interchange fees, or what the amount of any such increases may be. For further information, see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Our Business and Industry&#151;We partially rely on card issuers or card schemes
to process our transactions. Changes to credit card scheme fees, rules or practices may harm our business.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Brazilian
political environment and macroeconomic conditions, interest rates, consumer credit and consumer spending </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Substantially all of our
operations are located in Brazil. As a result, our revenues, financial income and profitability are affected by political and economic developments in Brazil and the effect that these factors have on the availability of credit, disposable income,
employment rates and average wages in Brazil. Our operations, and the financial technology solutions industry in general, are particularly sensitive to changes in economic conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Total revenue and income are affected by levels of consumer spending, interest rates and the expansion or retraction of consumer credit in
Brazil, each of which impact the number and overall value of payment transactions. The interest rates charged on consumer credit transactions have an indirect effect on us to the extent that lower interest rates can lead to increases in private
consumption, and therefore increases in the number of credit and debit card transactions or decreases in the number of installments consumers elect when making a purchase. Increases in interest rates, on the other hand, may lead to a decrease in
private consumption or an increase in the number of installments consumers elect when making a purchase. Increases in interest rates may also cause fewer merchants to decide to use our early payment of receivables feature if our overall financing
costs require us to increase the discount rate we charge for this feature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The recent economic instability in Brazil has contributed to a
decline in market confidence in the Brazilian economy as well as to a deteriorating political environment, and weak macroeconomic conditions are expected to continue through at least the first six months of 2018. For more information, see &#147;Item
3. Key Information&#151;Risk Factors&#151;Risks Relating to Brazil&#151;The ongoing economic uncertainty and political instability in Brazil may harm us and the price of our Class&nbsp;A common shares.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brazil is the largest economy in Latin America, as measured by gross domestic product, or GDP, yet digital payment penetration remains low
compared to more developed economies. According to a December 2016 report by BIS and Bureau of Economic Analysis, or BEA, card usage as a payment method in Brazil represented only approximately 28% of private consumption in 2015, compared to
approximately 45% in the United States. According to Datafolha, out of the 53% of entrepreneurs who do not own POS devices, 26% intended to acquire one in the next six months, this percentage being even higher among Micro-Merchants. We believe that
a significant portion of this underpenetration is due to the number of unbanked individuals, who make up a major target sector for us. According to data from the World Bank, as of 2014, 31.9% of the Brazilian population above 15 years old, or
65.1&nbsp;million individuals, did not have a bank account. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table shows data for real GDP, inflation and interest rates in Brazil and the U.S.
dollar/<I>real</I> exchange rate at the dates and for the periods indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real growth (contraction) in gross domestic product</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.5</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.5</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inflation <FONT STYLE="white-space:nowrap">(IGP-M)</FONT><SUP
STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.5</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inflation (IPCA)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term interest rates &#150; TJLP
(average)<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CDI interest rate (average)<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LIBOR<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Period-end</FONT> exchange rate&#151;reais per US$ 1.00</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.259</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average exchange rate&#151;reais per US$
1.00<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in average exchange rate of the real vs. US$</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.2</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29.5</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unemployment rate<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><I>Source</I>:</TD>
<TD ALIGN="left" VALIGN="top">FGV, IBGE, Central Bank and Bloomberg </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Inflation <FONT STYLE="white-space:nowrap">(IGP-M)</FONT> is the general market price index measured by the FGV. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Inflation (IPCA) is a broad consumer price index measured by the IBGE. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">TJLP is the Brazilian long-term interest rate (average of monthly rates for the period). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">The CDI interest rate is an average of interbank overnight rates in Brazil (daily average for the period). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Average US dollar three-month London Interbank Offer Rate. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Average of the exchange rate on each business day of the period. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Average unemployment rate for year as measured by the IBGE. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Brazilian political and
economic scenario has recently been characterized by high levels of uncertainty and instability, including a contraction of economic growth, despite a recent appreciation, an overall sharp depreciation of the <I>real</I> against the U.S. dollar,
increased levels of unemployment and depressed levels of consumer confidence and spending. Brazil entered a recession in 2014 due in part to a decrease in global commodities prices as well as wide-scale corruption probes focused on certain
state-owned companies and uncertainty surrounding the presidency of President Dilma Rousseff, which culminated in impeachment in 2016. For further information, see &#147;Item 3. Key Information&#151;Risk Factors&#151;The ongoing economic uncertainty
and political instability in Brazil may harm us and the price of our Class&nbsp;A common shares.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business has grown rapidly,
driven by new clients and increased TPV, with our Total revenue and income increasing to R$2,523.4<B> </B>in 2017 from R$674.9&nbsp;million in 2015. In addition to continuing to grow our client base, we believe that our business model will allow us
to benefit from Brazil&#146;s economic growth potential, particularly among Micro-Merchants, SMEs and individuals without bank accounts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Seasonality </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
operate in a somewhat seasonal industry, which tends to experience relatively fewer transactions in the first quarter of the year, increased activity as the <FONT STYLE="white-space:nowrap">year-end</FONT> holiday shopping season initiates, and
fewer transactions after the <FONT STYLE="white-space:nowrap">year-end</FONT> holidays. While we have not experienced significant seasonality in our results as of the date of this annual report due to our ongoing growth, this could change in the
future. For additional information, see &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to Our Business and Industry&#151;Our quarterly results of operations of PagSeguro Digital and operating metrics may fluctuate and are
unpredictable and subject to seasonality, which could result in the price of our Class&nbsp;A common shares being unpredictable or declining.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Trend Information </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that demand for our products and services will remain strong in coming years, since our addressable market remains significant. We
believe that this market opportunity will continue to fuel volume growth in our business, supported by increasing levels of penetration and usage of credit cards among the Brazilian population and the introduction of new products and services. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>New IFRS standards that may affect our future results of operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain IFRS standards and interpretations that have been issued but are not yet in effect could impact the presentation of our financial
position or performance once they become effective. For further information, see Note 2.18 to the audited consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Principal Components of Our Results of Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the items comprising our statements of income: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Total revenue and income </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
Total revenue and income consists of the total of our Net revenue from transaction activities and other services, Net revenue from sales, Financial income and Other financial income. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Net revenues </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
generate revenues from transaction activities and other services, and from sales. In each case, our net revenues consist of gross revenues less deductions from those revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Net revenue from transaction activities and other services </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Net revenue from transaction activities and other services consists of Gross revenue from transaction activities and other services, less
deductions from those gross revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our main source of Gross revenue from transaction activities and other services is commissions and
fees on the capture, transmission, processing and settlement of transactions carried out using credit, debit and meal voucher cards and fees for other services. We have the primary responsibility for providing the services to our clients and we also
directly set the prices for such services, independently from the related transaction costs agreed between us and the card schemes or card issuers. Since we have primary responsibility for providing our merchant clients with the intermediation
service, and we have price discretion to adjust the rates and tariffs we charge merchants, we are the principal in the intermediation transaction. We therefore recognize our transaction fees as revenue on a gross basis, and we recognize the
transaction costs separately as discussed below. Depending on the type of <FONT STYLE="white-space:nowrap">cash-in</FONT> payment or transaction, these commissions and fees consist of the MDR, which is a commission withheld by us from the
transaction value paid to the merchant, and/or other commissions or <FONT STYLE="white-space:nowrap">per-transaction</FONT> fees. This line item also includes the fees we charge for other services. We recognize revenues from these commissions and
fees when the purchase is approved by the card issuer, in the case of <FONT STYLE="white-space:nowrap">cash-in</FONT> payments made via payment cards; when the transaction is carried out, in the case of payments made via other <FONT
STYLE="white-space:nowrap">cash-in</FONT> payment methods; or in the case of services, when the service, is rendered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts
deducted from our Gross revenue from transaction activities and other services consist principally of the applicable Brazilian sales taxes and social security contributions: service tax (<I>Imposto sobre Servi&ccedil;os</I>, or ISS); contributions
to the Brazilian government&#146;s Social Integration Program (<I>Programa Integra&ccedil;&atilde;o Social</I>, or PIS); and contributions to the Brazilian government&#146;s social security program (<I>Contribui&ccedil;&atilde;o para o Financiamento
da Seguridade Social</I>, or COFINS). We are required to collect each of these on our transaction activities and other services. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Net revenue from sales </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Net revenue from sales consists of Gross revenue from sales, less deductions from those gross revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We earn revenue from the sale to merchants of our POS devices. We currently offer the Minizinha for a purchase price of 12 monthly
installments of R$9.90, the Minizinha Chip (which we launched in March 2018) for a purchase price of 12 monthly installments of R$24.90, the Moderninha Wifi for a purchase price of 12 monthly installments of R$39.90 and the Moderninha Pro for 12
monthly installments of R$69.90. This line item also includes revenues from sales of POS device peripherals such as charging bases and protective covers. We recognize these revenues upon delivery of the equipment to the merchant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts deducted from our Gross revenues from sales consist of (i)&nbsp;PIS and COFINS, as well as the <I>Imposto sobre
Circula&ccedil;&atilde;o de Mercadorias e Servi&ccedil;os </I>tax, or ICMS, that we are required to collect on sales of devices and peripherals, and (ii)&nbsp;amounts corresponding to defective POS devices that are returned to us and purchases that
are cancelled by merchants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable taxes and contributions vary according to whether the device and peripheral was manufactured
in Brazil or imported. For locally-made devices, when we purchase the device we pay the taxes and contributions to the supplier at standard rates; and when we sell the device to our clients, we collect these taxes at the same rates on the selling
price, record the tax on the sale in this line item as a deduction, and remit the difference between the taxes on or input cost and our selling price to the taxing authorities. For imported devices, we pay a lower rate of tax in place of ICMS on the
purchase, and are not required to charge ICMS when we sell the device to our clients, meaning that the amount recorded in this deductions line item is relatively lower for imported devices. Prior to <FONT STYLE="white-space:nowrap">mid-2015</FONT>
we purchased significant numbers of imported POS devices, but since <FONT STYLE="white-space:nowrap">mid-2015</FONT> substantially all of the POS devices we sell have been manufactured in Brazil. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Financial Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described under &#147;Item 4. Information on the Company&#151;Our Products and <FONT STYLE="white-space:nowrap">Services&#151;Cash-in</FONT>
Solutions&#151;Credit Cards&#148;, our early payment of receivables feature consists of paying our merchants their installment receivables upfront when consumers paying by credit card choose to pay the merchant in installments. We account for the
remuneration from this feature as Financial income. This Financial income makes up a significant portion of our overall Total revenue and income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our remuneration from the early payment of receivables feature consists of a discount that we withhold from the transaction value of the
receivables that we pay to merchants in advance. We recognize this discount as Financial income (separate from and in addition to the MDR fee for the payment processing transaction, which we recognize as Gross revenue from transaction activities and
other services). We recognize the discount amount as Financial income at the time a sale transaction is approved involving a merchant who has opted to receive early payments of the receivables from their credit card installment sales. The discount
that generates our Financial income relates only to the early payment of the second and successive installments of the purchase; the first installment is not paid early as it is disbursed to the merchant within the normal billing cycle, so it does
not generate remuneration in the form of Financial income (although it does generate MDR, which is recognized as Gross revenue from transaction activities and other services). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Financial income line item does not include the fees we charge for the merchant&#146;s payment date election within the
monthly billing cycle, which are part of the MDR and are accounted for in Gross revenue from transaction activities and other services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Financial income relates to early payments to merchants of amounts related to receivables from purchase transactions that have been
approved by the card issuer and the card scheme. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial expenses we incur in funding this early payment of receivables feature are
accounted for in our Financial expenses, discussed below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For more information regarding our early payment of receivables feature and the
FIDC that we established in the fourth quarter of 2017 to finance a portion of our related Financial expenses, see &#147;Item 4. Information on the Company&#151;Our Products and Services&#151;Advanced Integrated Functionalities and Value-Added
Services and Features&#151;Early Payment of Receivables.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Financial Income </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Other financial income consists principally of interest generated by bank savings accounts and by deposits we make with Brazilian courts,
known as judicial deposits, which guarantee any compensation we may be required to pay in litigation matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Other financial income
also includes our net foreign exchange variations, i.e. the net gain or loss on our assets and liabilities related to the appreciation or depreciation of the <I>real </I>against foreign currencies, which has limited impact on our cash position. We
had swaps in place to protect us against exposure to currency fluctuations on all of our borrowings in foreign currencies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cost of Sales and
Services </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cost of sales and services represents the amounts that make up the cost of the services and devices we sell. These
amounts are divided into Transaction costs, Cost of goods sold, Marketing and advertising, Personnel expenses, Depreciation and amortization and Other costs. For further information on these costs, see Note&nbsp;22 to the audited consolidated
financial statements. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Transaction costs consist of interchange fees set by card schemes that are paid to the financial institution that is the issuer of the card; assessment fees paid to card schemes; fees paid to third-party payment
processors; fees paid to acquirers; and bank settlement fees. All of our Transaction costs are accounted for within our Cost of sales and services. Since we are the principal in the intermediation transaction, we recognize the transaction costs that
we pay to third parties, such as card schemes and card issuers who process these transactions, within our Cost of sales and services separately from the transaction fees we receive, which we recognize on a gross basis. The transaction costs are
agreed between the card schemes or card issuers and us, independently from the fees we charge our merchant clients. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Cost of goods sold consists of the amounts we spend in purchasing POS devices and peripherals from our suppliers, together with the related shipping charges and applicable purchase tax. All of our Cost of goods sold is
accounted for within our Cost of sales and services. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Marketing and advertising expenses are divided between our Cost of sales and services as well as our Selling expenses. Of this total, the portion of Marketing and advertising that is accounted for within our Cost of
sales and services relates to customer support. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Personnel expenses consist of wages, overtime, benefits (such as meal vouchers, transportation vouchers and medical insurance, among others), profit sharing, and social contribution and payroll taxes. In Brazil,
social contribution and payroll taxes consist of the Brazilian Social Security Institute (<I>Instituto Nacional de Seguridade Social &#150; INSS</I>) contribution and the Brazilian Unemployment Compensation Fund (<I>Fundo de Garantia por Tempo de
Servi&ccedil;o &#150; FGTS</I>) contribution. Our Personnel expenses are divided between our Cost of sales and services as well as our Selling expenses and our Administrative expenses. Of this total, the portion of our Personnel expenses that is
accounted for within our Cost of sales and services refers to employees engaged in activities related to the cost of goods and services that we sell, such as technology, customer support, logistics, antifraud activities and mediation services.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Depreciation and amortization expenses are divided between our Cost of sales and services as well as our Selling expenses and our Administrative expenses. Of this total, the portion of our Depreciation and
amortization expenses that is included in our Cost of sales and services consists mainly of (i)&nbsp;the depreciation of equipment, furniture, technology and installations that form part of the cost of the goods and services that we sell, and
(ii)&nbsp;the amortization of software that we develop internally for use in our operations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Other expenses are divided between our Cost of sales and services as well as our Selling expenses and our Administrative expenses. Of this total, the portion of our Other expenses that is included in our Cost of
sales and services consists mainly of items such as travel expenses and office supplies that form part of the cost of the goods and services that we sell. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Selling Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Selling expenses represent the amounts that we spend on publicity, marketing, quality control and direct or indirect relations with our
clients. These amounts are divided into Marketing and advertising, Personnel expenses, Chargebacks, Depreciation and amortization expenses and Other expenses. For further information on these expenses, see Note 22 to the audited consolidated
financial statements. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of Marketing and advertising expenses included in our Selling expenses relates to the production and distribution of our marketing and advertising campaigns on traditional offline media, traditional online
advertising, the positioning of our products in search platforms, telemarketing related to POS device sales, commissions to our third party sales force and partners such as platforms, bloggers and developers, expenses incurred in relation to trade
marketing at events, and amounts that we spend on consulting services and call centers for our telemarketing campaigns. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of our Personnel expenses included in our Selling expenses relates to employees engaged in marketing and advertising of our services, POS devices and features. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Chargebacks consist of transaction losses arising from chargebacks related to fraudulent transactions, which occurs, principally in online transactions, when a consumer makes a purchase via credit card and then requests
a chargeback from the issuing bank after receiving the goods or services purchased. All of our Chargeback expenses are accounted for within our Selling expenses. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of our Depreciation and amortization expense included in our Selling expenses consists of the depreciation of equipment used for client relationships. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of our Other costs included in our Selling expenses consist of expenses related to travel, lodging and insurance, facilities, rent, consultancy fees and office supplies relating to marketing and advertising
of our services, POS devices and features. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Administrative Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Administrative expenses represent the amounts that we spend on back office and overhead expenses. These amounts are divided into Personnel
expenses, Depreciation and amortization expenses and Other costs. While we expect our Administrative expenses to increase in the short term as we plan for growth and as we incur costs of compliance associated with being a public company, we expect
these expenses to decline as a percentage of our Total revenue and income over the medium term as our business grows. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of our Personnel expenses that form part of our Administrative expenses relates to our finance, legal, human resources, and administrative personnel, as well as fees paid for professional services, including
legal, tax and accounting services. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of our Depreciation and amortization expenses that form part of our Administrative expenses relates to (i)&nbsp;the depreciation of the equipment, furniture, tools and technology used in our head office and
back-office operations and (ii)&nbsp;the amortization of software developed internally to support our head office and back-office needs, which is shown in Note 11 to the audited consolidated financial statements. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The portion of our Other costs that form part of our Administrative expenses includes items such as bank charges, travel, reimbursement of staff expenses and office supplies. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Financial Expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our financial
expenses include (i)&nbsp;the charges we incur to obtain early payment of note receivables owed to us by card issuers and acquirers in order to finance the early payment of receivables feature that we offer merchants, (ii)&nbsp;interest expense on
our other borrowings and (iii)&nbsp;the cost of swaps relating to our foreign currency borrowings. Variations in our Financial expenses when expressed as a percentage of Financial income are driven by Brazilian interest rates, which determine the
cost of most of our financing, together with changes in the mix of the financing we use for our early payment of receivables feature. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through the date of our initial public offering, we funded the early payment of receivables
feature (i)&nbsp;principally by obtaining early payment of receivables owed to us by card issuers and acquirers, as well as (ii)&nbsp;through our general third party borrowings and own capital. We plan to use a significant portion of the proceeds
from our initial public offering to fund the early payment of receivables feature. In addition, in November 2017 we set up a Brazilian investment fund to purchase and hold receivables known as a <I>Fundo de Investimento em Direitos
Credit&oacute;rios</I> (a Fund for Investment in Credit Rights, or FIDC) through which we may raise debt to finance the early payment of receivables feature. The FIDC is controlled by our Brazilian operating company (by virtue of subscribing for its
subordinated quotas) but raises capital by issuing senior quotas in the fund to outside investors, who receive interest on these investments from the FIDC. The FIDC uses the capital it raises to finance the growth of our early payment of receivables
feature. Our remuneration from the early payment of receivables feature continues to be reflected as Financial income in the consolidated financial statements. We do not expect the establishment of the FIDC to impact the discount rate we charge in
connection with the early payment of receivables feature or the expenses we incur to obtain early payment of note receivables from card issuers and acquirers. For further information regarding the FIDC, see &#147;Item 4. Information on the
Company&#151;Organizational Structure.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We did not have any outstanding borrowings at December&nbsp;31, 2017. All of our third-party
borrowings at December&nbsp;31, 2016 were denominated in U.S. dollars and therefore exposed to currency fluctuations. We contracted derivative financial instruments known as swaps in order to protect us against this exposure. For further information
on our borrowings, see &#147;&#151;Loans and Financing&#148; and Note 14 to the audited consolidated financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Other (Expenses) Income,
Net </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Other (expenses) income, net line item consists mainly of contingencies, charges and miscellaneous income and/or expense
items. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Current Income Tax and Social Contribution </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current income tax and social contribution consists of tax assets and liabilities for the current year. Our liability to income tax principally
reflects the level of our Profit before income taxes; this line item also varies, however, to the extent that we are entitled to defer tax on certain investments in technological innovation, in which case our tax base for income tax for the year is
reduced and the related deferred tax liability is accounted for in the Deferred income tax and social contribution line item below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
tax assets for the current year are calculated based on the expected recoverable amount, and tax liabilities for the current year are calculated based on the amount payable to the applicable tax authorities. The tax rates and tax laws used to
calculate this amount are those enacted or substantially enacted at the balance sheet date. Current income tax and social contribution related to items recognized directly in equity is also recognized in equity. We periodically evaluate our tax
positions with respect to interpreting tax regulations and, when appropriate, establish provisions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Deferred Income Tax and Social Contribution
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution consists of temporary differences between the tax bases of assets and liabilities and
their carrying amounts at the balance sheet date. This line item refers principally to deferrals of tax liability that we are entitled to take on capital investments that we make in technological innovation under Brazilian Law No.&nbsp;11,196/2005,
known as the Technological Innovation Law or &#147;<I>Lei do Bem.&#148;</I> We are able to use this tax deferral law principally for the investments we make in developing software internally, where we capitalize the labor and other costs involved as
an intangible asset rather than accounting for these amounts as expenses, and we depreciate the accounting value of the intangible asset over its useful life. The <I>Lei do Bem</I> allows us to defer our tax liability on these investments. Other
Brazilian tax rules also allow us to defer tax on certain items, for example on unpaid amounts due from creditors. The Deferred income tax and social contribution line item consists of our liability to future tax under the <I>Lei do Bem</I> and
these other tax laws, less the depreciation and amortization that we take during the year on the respective capitalized assets, and less the tax losses carried forward from prior years that we are able to offset against our tax liability during the
year. For further information on this line item, see Note 18 to the audited consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred tax liabilities are recognized for all taxable temporary differences, except in certain
situations explained in Note 2.15 of the audited consolidated financial statements. The carrying amount of deferred tax assets is reviewed at each balance sheet date and impairment is recognized to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reviewed, at each balance sheet date, and recognized to the extent that it is probable that future
taxable profit will be available to allow for their utilization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Companies Law of 1960, there is no Cayman Islands
taxation on the income earned by PagSeguro Digital and as such, we do not have any tax impacts at this level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to our
subsidiaries, deferred tax assets and liabilities are measured using the prevailing tax rates in the year in which the assets will be realized and the liabilities will be settled. The currently defined tax rates of 25% for income tax and 9% for
social contribution are used to calculate deferred taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred tax assets and liabilities are presented on a net basis when there is
a legally or contractually enforceable right to offset the tax asset against the tax liability, and the deferred taxes are related to the same taxable entity and subject to the same tax authority. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Results of Operations </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following discussion of our results of operations is based on the financial information derived from the audited consolidated financial statements included elsewhere in this annual report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Results of Operations in 2017, 2016 and 2015 </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent<BR>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent<BR>Change</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in millions of </B><B><I>reais</I></B><B>, with the exception of percentages<BR>and <FONT STYLE="white-space:nowrap">per-share</FONT> amounts)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenue from transaction activities and other services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,224.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">480.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">268.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenue from sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">471.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">818.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">392.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">219.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50.3</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total revenue and income</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,523.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>121.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,138.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>68.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>674.9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales and services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,324.4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(623.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(382.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selling expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(245.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(199.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(84.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other (expenses) income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(595.2</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Profit before Income Taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>683.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>340.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>155.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>285.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>40.3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(215.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,793.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">187.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(151.0</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">799.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income Tax and Social Contribution</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(204.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>642.2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(27.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>471.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(4.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net Income for the Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>478.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>274.7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>127.8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>260.1</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>35.5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attributable to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Owners of PagSeguro Digital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(97.8</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted earnings per common share &#150; R$</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Total revenue and income </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Total revenue and income amounted to R$2,523.4&nbsp;million in 2017, an increase of 121.7% from R$1,138.4&nbsp;million in 2016. Our Total
revenue and income in 2016 represented an increase of 68.7% from R$674.9&nbsp;million in 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Net revenue from transaction activities and other
services </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Gross revenue from transaction activities and other services in 2017 amounted to R$1,391.4&nbsp;million, an increase of
R$847.6<B></B>&nbsp;million, or 155.9%, from R$543.8&nbsp;million in 2016. Gross revenue from transaction activities and other services in 2016 represented an increase of R$238.5&nbsp;million, or 78.1%, from R$305.3&nbsp;million in 2015. These <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year</FONT></FONT> increases were principally due to continued increases in our customer base and TPV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Gross revenue from transaction activities and other services during 2017 increased by a lesser percentage than our TPV, which increased to
R$38.5&nbsp;billion from R$14.1<B></B>&nbsp;billion in 2016. This difference in the rate of growth was principally due to the higher proportion of debit card transactions in our TPV in 2017 as compared to in 2016, driven by the fact that in December
2016 we established a new partnership with Elo, a Brazilian card scheme whose business is heavily weighted toward debit cards. Our TPV for 2017 therefore included this additional debit card TPV that we did not have for most of 2016; and debit cards
generate lower MDR than credit card transactions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increase in gross revenue from transaction activities and other services in 2016 was
principally due to an increase in TPV during the period. This increase was partially offset by a change in mix in 2016 as <FONT STYLE="white-space:nowrap">cash-in</FONT> payments from debit cards, which generate lower MDR fees, increased in
proportion to <FONT STYLE="white-space:nowrap">cash-in</FONT> payments from credit cards, which generate higher MDR fees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The growth in
our business in 2015 and 2016 was fueled by the launch of the Moderninha POS device in March 2015, which (in addition to the Gross revenues from sales discussed below) generated further growth in our transaction revenues by providing increased
sources of <FONT STYLE="white-space:nowrap">in-person</FONT> transactions. As discussed above, however, this also altered the mix of our revenues, since <FONT STYLE="white-space:nowrap">in-person</FONT> transactions include payments made via debit
cards, which generate lower MDR than credit card transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Deductions from gross revenue from transaction activities and other
services, which consist principally of sales taxes, amounted to R$167.1&nbsp;million in 2017, or 12.0% of our Gross revenue from transaction activities and other services for the year. In 2016, Deductions from gross revenue from transaction
activities and other services totaled R$63.8&nbsp;million in 2016, or 11.7% of our Gross revenue from transaction activities and other services for the year. In 2015, Deductions from gross revenue from transaction activities and other services
totaled R$37.1&nbsp;million, or 12.2% of Gross revenue from transaction activities and other services for the year. The increase in the Deductions from gross revenue in 2017 when compared to 2016 was principally due to sales taxes related to the
transaction services provided by R2Tech, a subsidiary that we acquired in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the above, our Net revenue from
transaction activities and other services in 2017 amounted to R$1,224.3<B></B>&nbsp;million, an increase of R$744.3&nbsp;million, or 155.0%, from R$480.0&nbsp;million in 2016. Net revenue from transaction activities and other services in 2016
represented an increase of R$211.8&nbsp;million, or 79.0%, from R$268.2&nbsp;million in 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Net revenue from sales </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Gross revenue from sales in 2017 amounted to R$655.2<B></B>&nbsp;million, an increase of R$283.7&nbsp;million, or 76.4%, from
R$371.5&nbsp;million in 2016. Gross revenue from sales in 2016 represented an increase of R$132.6&nbsp;million, or 55.5%, from R$238.9&nbsp;million in 2015. The significant growth in this item was due to an increase in the volume of POS devices sold
and the rapid <FONT STYLE="white-space:nowrap">ramp-up</FONT> of our POS device sales, and our rollout of an increasingly broad range of POS devices. In March 2015, we launched the Moderninha, which spurred a significant growth in sales in 2015. In
2016, we launched the Moderninha <FONT STYLE="white-space:nowrap">Wi-Fi</FONT> and Moderninha Pro standalone POS devices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Deductions
from gross revenue from sales in 2017 amounted to R$183.2<B></B>&nbsp;million, or 28.0% of our Gross revenue from sales for the year. In 2016, these Deductions totaled R$110.9&nbsp;million, or 29.9% of our Gross revenue from sales for the year. In
2015, these Deductions totaled R$62.4&nbsp;million, or 26.1% of Gross revenue from sales for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The small decrease in these
Deductions as a percentage of our Gross revenue from sales in 2017 compared with 2016 is due to a change in the mix of Brazilian states in which we sold POS devices, since ICMS is levied by each state at a different rate. The increase in these
Deductions as a percentage of our Gross revenue from sales compared with 2015 is due to the fact that since <FONT STYLE="white-space:nowrap">mid-2015,</FONT> substantially all of the POS devices we sell are manufactured in Brazil. The deductions for
sales taxes on imported devices are significantly lower than for locally-manufactured devices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the above, our Net revenue
from sales in 2017 amounted to R$471.9<B></B>&nbsp;million, an increase of R$211.3<B></B>&nbsp;million, or 81.1% from R$260.6&nbsp;million in 2016. Net revenue from sales in 2016 represented an increase of R$84.1&nbsp;million, or 47.6%, from
R$176.5&nbsp;million in 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Financial income </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Financial income, which represents the volume of the discount fees we withhold from TPV in the early payment of receivables feature that we
offer merchants, amounted to R$818.6<B></B>&nbsp;million in 2017, an increase of R$426.2<B></B>&nbsp;million, or 108.6% from R$392.4&nbsp;million in 2016. In 2016 this item represented an increase of R$172.9&nbsp;million, or 78.8%, compared with
R$219.5&nbsp;million in 2015. The <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year</FONT></FONT> growth in this activity was due to growth in the volume of usage of our early payment feature by merchants, driven by the
growth in our TPV. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other financial income </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Other financial income amounted to R$8.6<B></B>&nbsp;million in 2017, an increase of R$3.3<B></B>&nbsp;million, or 60.7% from
R$5.3&nbsp;million in 2016. Our Other financial income in 2016 represented a decrease of R$5.4&nbsp;million, or 50.3%, compared with R$10.7&nbsp;million in 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Other financial income included a positive net foreign exchange variation of R$1.8<B></B>&nbsp;million in 2017, a decrease of
R$0.5<B></B>&nbsp;million from R$2.3&nbsp;million in 2016. Our Other financial income in 2016 represented an increase of R$1.5&nbsp;million from R$0.8&nbsp;million in 2015. These variations reflect the effect of exchange rate fluctuations in our
foreign currency accounts located outside of Brazil. In 2015, our net foreign exchange variation related only to Boa Compra&#146;s international operations, while in 2016 and 2017 it also included <FONT STYLE="white-space:nowrap">cash-out</FONT>
payments using PagSeguro prepaid cards outside of Brazil and <FONT STYLE="white-space:nowrap">cash-in</FONT> payments via international cards in Brazil, both of which are settled in foreign currency. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Expenses </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
total expenses amounted to R$1,839.9<B></B>&nbsp;million in 2017, an increase of R$856.9<B></B>&nbsp;million, or 87.2% from R$983.0&nbsp;million in 2016. As a percentage of our Total revenue and income, our total expenses in 2017 decreased by
13.4<B> </B>percentage points, to<B> </B>72.9% in 2017 from 86.3% in 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our total expenses in 2016 represented an increase of
R$348.4&nbsp;million, or 54.9%, from R$634.6&nbsp;million in 2015. As a percentage of our Total revenue and income, our total expenses in 2016 decreased by 7.7 percentage points, to 86.3% in 2016 from 94.0% in 2015. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cost of sales and services </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cost of
sales and services amounted to R$1,324.4<B></B>&nbsp;million in 2017, an increase of R$700.7&nbsp;million, or 112.4% from R$623.7&nbsp;million in 2016. As a percentage of the total of our Net revenue from transaction activities and other services
and our Net revenue from sales, our Cost of sales and services remained relatively stable, posting a decrease of 6.1<B> </B>percentage points, to 78.1% from 84.2% in 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within our Cost of sales and services line item, our Cost of services, expressed as a percentage of our Net revenue from transaction
activities and other services, decreased to 67.8% from 74.5% in 2016. This decrease reflected a reduction in the fees we paid to third party acquirers as well as ongoing economies of scale due to growth in our TPV. Our Cost of sales, expressed as a
percentage of our Net revenue from sales, increased to 104.8% in 2017 from 102.0% in 2016, due to the change in our device product mix: the launch of the higher-value Moderninha Wifi in June 2016 and Moderninha Pro in October 2016 led to increased
expenses throughout 2017 that largely did not impact the mix in 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cost of sales and services amounted to R$623.7&nbsp;million in
2016, an increase of R$241.2&nbsp;million, or 63.1%, from R$382.5&nbsp;million in 2015. As a percentage of the total of our Net revenue from transaction activities and other services and our Net revenue from sales, our Cost of sales and services
remained relatively stable, posting a decrease of 1.8 percentage points to 84.2% in 2016 from 86.0% in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within our Cost of sales and
services, our Cost of services, expressed as a percentage of our Net revenue from transaction activities and other services, increased to 74.5% in 2016 from 71.5% in 2015. This increase reflected the change in the mix of our revenue from transaction
services, with a greater proportion of debit card transactions compared with credit card transactions as discussed above under &#147;&#151;Net revenue from transaction activities and other services.&#148; Because the difference between interchange
fees and the MDR we charge is less for debit card transactions than for credit card transactions, this change in mix led to the higher level of Cost of services relative to our Net revenue from transaction activities and other services. Our Cost of
sales, expressed as a percentage of our Net revenue from sales, decreased to 102.0% in 2016 from 108.1% in 2015, largely due to cost savings achieved starting <FONT STYLE="white-space:nowrap">mid-2015,</FONT> when substantially all of the POS
devices we sold began to be manufactured in Brazil, partly offset by the launch of the <FONT STYLE="white-space:nowrap">higher-value</FONT> Moderninha Wifi in June 2016 and Moderninha Pro in October 2016, which led to increased expenses in the later
months of 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Selling expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Selling expenses amounted to $245.8<B></B>&nbsp;million in 2017, an increase of R$45.9<B></B>&nbsp;million, or 22.9% from
R$199.9&nbsp;million in 2016. As a percentage of our Total revenue and income, our Selling expenses decreased by 7.9 percentage points, to 9.7% in 2017 from 17.6% in 2016. Our Marketing and advertising costs in particular, while increasing in
absolute terms, decreased significantly as a percentage of Total revenue and income due to growth in our revenue volumes and the return on our investments in marketing and advertising in prior periods, as well as a decision to focus our online
advertising on relatively cheaper spaces rather than headline banners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Selling expenses in 2016 increased by R$37.3&nbsp;million, or
22.9%, compared with R$162.6&nbsp;million in 2015. As a percentage of our Total revenue and income, our Selling expenses decreased by 6.5 percentage points, to 17.6% in 2016 from 24.1% in 2015. This reduction in our Selling expenses as a percentage
of our Total revenue and income was driven by the fact that we had incurred expenses in connection with a major marketing campaign in 2015 to promote the launch of the Moderninha POS device. While our marketing and advertising expenses continued to
increase in 2016, the increase was significantly outpaced by growth in our net revenue during the year. In addition, our Chargebacks expense declined as a percentage of our net revenue since <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">chip-&amp;-pin</FONT></FONT> transactions involve significantly lower chargebacks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Administrative expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Administrative expenses amounted to R$153.2<B></B>&nbsp;million in 2017, an increase of R$68.7&nbsp;million, or 81.4%, from
R$84.5&nbsp;million in 2016. This increase was mainly due to an increase in employee costs, bank charges and consulting fees. As a percentage of our Total revenue and income, however, our Administrative expenses decreased by 1.3 percentage points,
to 6.1% in 2017 from 7.4% in 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016, our Administrative expenses increased by R$23.4&nbsp;million, or 38.2%,compared with
R$61.1&nbsp;million in 2015. This increase was mainly due to an increase in employee costs and bank charges. As a percentage of our Total revenue and income, our Administrative expenses posted a decrease of 1.7 percentage points, to 7.4% in 2016
from 9.1% in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The reduction in the relative level of our Administrative expenses as a percentage of our Total revenue and income
over the three years reflects the scalable nature of our business from a relatively fixed overhead base. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Financial expenses </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Financial expenses amounted to R$104.5<B></B>&nbsp;million in 2017, an increase of R$36.2<B></B>&nbsp;million, or 53.1%, from expenses of
R$68.3&nbsp;million in 2016. The same item in 2016 reflected an increase in expense of R$38.6&nbsp;million, or 130.0%, compared with R$29.7&nbsp;million in 2015. Expressed as a percentage of our Financial income, our Financial expenses represented
12.8% in 2017, 17.4% in 2016 and 13.5% in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The variation in our Financial expenses when expressed as a percentage of Financial
income is driven by Brazilian interest rates, which determine the cost of most of our financing, together with changes in the mix of the financing we use for our early payment of receivables feature. In 2015 the SELIC rate, the Central Bank&#146;s
overnight rate, increased from 11.75% to 14.25% by <FONT STYLE="white-space:nowrap">year-end.</FONT> The SELIC rate was held at 14.25% for the first nine months of 2016, being reduced to 14.00% in October 2016 and 13.75% in December 2016. The SELIC
rate was further reduced to 8.25% at September&nbsp;30, 2017 and to 7.00% at December&nbsp;7, 2017, where it remained at <FONT STYLE="white-space:nowrap">year-end</FONT> 2017. Our financial expense also reflected changes in our mix of financing: in
2015, in addition to capital received from UOL, we began to increase the portion of our financing that we obtained in the form of early payment of the receivables due to us from acquirers. In 2016, in addition to our existing financing sources, we
further increased our levels of external financing, with early payment of the receivables due to us from card issuers as well as acquirers, and we incurred the two borrowings shown in Note&nbsp;14 to the audited consolidated financial statements. In
2017, we repaid our two third party borrowings and thereafter financed the early payment feature by obtaining early payment of note receivables due to us from the card issuers and acquirers. For more information, see &#147;&#151;Financing of our
early payment of merchants&#146; receivables feature.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other (expenses) income, net </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Other (expenses) income, net, recorded expenses of R$12.0<B></B>&nbsp;million in 2017. This net amount principally reflected expenses
related to civil litigation proceedings during the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016, our Other (expenses) income, net, recorded expenses of
R$6.7&nbsp;million. This net amount principally reflected expenses related to civil litigation proceedings during the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2015, our
Other (expenses) income, net, recorded income of R$1.3&nbsp;million. This net amount principally reflected expenses related to civil litigation proceedings during the year, offset by the net effect of
<FONT STYLE="white-space:nowrap">write-offs</FONT> of payables to third parties. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Profit before income taxes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Profit before income taxes amounted to R$683.5<B></B>&nbsp;million in 2017, an increase of R$528.1<B></B>&nbsp;million, or 340.0%, from
R$155.4&nbsp;million in 2016. The increase was due to significant growth in our Total revenue and income, reflecting volume growth in both our net revenue items as well growth in income from our early payment of receivables feature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2016, our Profit before income tax increased by R$115.1&nbsp;million, or 285.4%, compared with R$40.3&nbsp;million in 2015. The increase
was due to significant volume growth in both our net revenues and financial income from our early payment of receivables feature for merchants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Income tax and social contribution </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Income and social contributions tax amounted to expenses of R$204.7<B></B>&nbsp;million in 2017, an increase of R$177.1<B></B>&nbsp;million
from expenses of R$27.6&nbsp;million in 2016. In 2015, our total Income and social contributions tax amounted to expenses of R$4.8&nbsp;million. This total item consists of Current income tax and social contribution and deferred income tax and
social contribution, which relates principally to the tax benefit under the <I>Lei do Bem</I>, which applies to investments made in innovation and technology by PagSeguro Brazil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Current income tax and social contribution expense in 2017 amounted to R$215.0<B></B>&nbsp;million, an increase of
R$207.6<B></B>&nbsp;million, or 2,793.0%, from R$7.4&nbsp;million in 2016. In 2016, our Current income tax and social contribution increased by R$4.8&nbsp;million, or 187.2%, compared with R$2.6&nbsp;million in 2015. This <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year</FONT></FONT> increase is mainly due to the growth in our Profit before income taxes, partly offset by the tax benefit under the <I>Lei do Bem</I>. In 2016, the increase was
also due in part to the tax benefit on payment of interest on PagSeguro Brazil&#146;s share capital (which is a form of mandatory dividend under Brazilian law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Deferred income tax and social contribution in 2017 amounted to a tax benefit of R$10.3<B></B>&nbsp;million, an increase of
R$30.4<B></B>&nbsp;million compared with an expense of R$20.1&nbsp;million in 2016. In 2015, our Deferred income tax and social contribution posted an expense of R$2.2&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of Deferred income tax and social contribution recorded in 2017 principally reflected the tax benefit on our significant new
capital investments in software and technology during the year, less the depreciation and amortization expenses that we recorded against those assets during the year. This tax benefit was partially offset by the amounts we recorded during the year,
provisions for slower-selling POS devices held in inventory, provisions for employee corporate <FONT STYLE="white-space:nowrap">results-sharing</FONT> and tax contingencies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of Deferred income tax and social contribution recorded in 2016 principally reflected
(i)&nbsp;the tax benefit on our significant new capital investments in software and technology during the year, less the depreciation and amortization expenses that we recorded against those assets during the year and (ii)&nbsp;the tax benefit on
payment of interest on PagSeguro Brazil&#146;s share capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2015, the transfer of our activities from the UOL group to PagSeguro
Brazil as part of the corporate reorganization led to a tax event under Brazilian tax law, requiring UOL to pay all existing tax liabilities that had been deferred from prior years under the <I>Lei do Bem</I>. The amount of Deferred income tax and
social contribution recorded for the year therefore reflects deferred tax liabilities on our capital investments in software and technology after August&nbsp;1, 2015, less the depreciation and amortization expenses that we recorded against those
assets during those months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our total effective tax rate was 30.0% in 2017, compared with 17.8% in 2016 and 12.0% in 2015. The increases
in 2017 and 2016 was due to the increase in our Profit before income taxes while the amount of our <I>Lei do Bem</I> tax benefits remained stable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Net income for the year </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Net
income for the year in 2017 amounted to R$478.8<B></B>&nbsp;million, an increase of R$351.0&nbsp;million, or 274.7%, from R$127.8&nbsp;million in 2016. As a percentage of our Total revenue and income, our Net income for the year increased by 7.8<B>
</B>percentage points, to 19.0% in 2017 compared with 11.2% in 2016. This increase was principally driven by the volume growth in both our net revenue items as well growth in income from our early payment of receivables feature, as discussed above.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Net income for the year in 2016 increased by R$92.3&nbsp;million, or 260.1%, compared with R$35.5&nbsp;million in 2015. As a
percentage of our Total revenue and income, our Net income for the year increased by 5.9 percentage points, to 11.2% in 2016 compared with 5.3% in 2015. This increase was principally driven by the volume growth in both our net revenue items as well
growth in income from our early payment of receivables feature, as discussed above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Liquidity and Capital Resources </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion of our liquidity and capital resources is based on the financial information derived from the audited consolidated
financial statements included elsewhere in this annual report. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>General </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal liquidity requirements relate to the early payment of receivables feature that we offer merchants. We believe our current working
capital is sufficient for present requirements. Through the date of our initial public offering, we have satisfied our funding and working capital requirements (i)&nbsp;through the cash generated by our businesses, (ii)&nbsp;by obtaining early
payment of note receivables due to us from the card issuers and acquirers, as well as (iii)&nbsp;through our general third party borrowings and own capital. We plan to use a portion of the proceeds from our initial public offering in order to reduce
our recourse to <FONT STYLE="white-space:nowrap">third-party</FONT> funding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below presents our cash position at the beginning
of each period, and our net cash provided by operating activities, net cash used in investing activities and net cash provided by financing activities during the periods indicated: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At and for the Year<BR>Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><B>(in millions of </B><B><I>reais</I></B><B>)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liquidity and Capital Resources</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">453.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(207.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(203.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(41.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by (used in) financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(259.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cash and cash equivalents include cash on hand, deposits with banks and other short-term
highly liquid investments with original maturities of three months or less, and with immaterial risk of change in value. For more information, see Note&nbsp;2.4 to the audited consolidated financial statements. Our
<FONT STYLE="white-space:nowrap">short-term</FONT> investments refer to Brazilian debentures, which produced a return of 96.0% of the Brazilian Interbank Deposit Certificate, or CDI. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cash Flows </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Net Cash provided
by operating activities consists of (i)&nbsp;our Profit before income taxes for the year, (ii)&nbsp;amounts that are recorded as expenses or revenues in our statement of income but which do not affect cash, (iii)&nbsp;amounts representing changes in
our operating assets and liabilities, (iv)&nbsp;the cash amounts of income taxes and social contributions that we pay during the period, (v)&nbsp;the cash amounts of interest income received and (vi)&nbsp;interest paid on outstanding borrowings.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cash flows used in investing activities consist of amounts paid on acquisitions, our purchases of property and equipment, our
purchases of intangible assets, and our new financial investments less the payments we make to redeem existing financial investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
Cash flows from financing activities consist of the payment of dividends and the cash proceeds from our borrowings, which refer only to the loans of US$40.0&nbsp;million (approximately R$129.4&nbsp;million applying exchange rates in effect at the
time) and US$21.8&nbsp;million (approximately R$70.0&nbsp;million applying exchange rates in effect at the time) that we obtained during 2016 and repaid during the first half of 2017. For further information on these borrowings, see
&#147;&#151;Loans and Financings.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cash Flows in 2017 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cash and cash equivalents at the beginning of 2017 amounted to R$80.0<B></B>&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Profit before income taxes in 2017, as discussed above, was R$683.5<B></B>&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adjustments for revenue, income and expenses recorded in our statement of income in 2017 but which did not affect our cash flows totaled
the positive amount of R$103.7<B></B>&nbsp;million, principally reflecting R$47.9<B></B>&nbsp;million of Chargebacks and R$51.6<B></B>&nbsp;million of Depreciation and amortization recorded in our statement of income, which are detailed in
Note&nbsp;22 to the audited consolidated financial statements. Chargebacks relate to amounts that we initially recorded as revenues but for which we did not receive the related cash payment due to fraud. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adjustments for changes in our operating assets and liabilities in 2017 amounted to negative cash flows of R$366.7<B> </B>million: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Note receivables item, which is presented net of transaction costs and financial expenses we incur when we elect to receive early payment of the note receivables owed to us by card issuers, consists of the
difference between the opening and closing balances of the Note receivables item of Current Assets on our balance sheet (R$3,522.3<B></B>&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2017 versus R$1,715.5&nbsp;million at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2016) excluding interest income received in cash and chargebacks, which are presented separately in the statement of cash flows. Note receivables represented negative cash flow of R$2,060.9&nbsp;million in
2017. The cash amount that we receive under the note receivables consists of the original note receivable amount, less the respective interchange fee charged by the financial institution, and less the finance charge withheld by the card issuer for
the early payment. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Payables to third parties item, which is presented net of revenue from transaction activities and financial income we receive when merchants elect to receive early payments, consists of the difference between the
opening and closing balances of the Payables to third parties item of Current Liabilities on our balance sheet (R$3,080.6&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2017 versus R$1,304.0&nbsp;million at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2016). Payables to third parties represented positive cash flow of R$1,776.5<B></B>&nbsp;million in 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Receivables from (payables to) related parties item consists of the difference between the opening and closing balances of the Receivables from related parties item (i.e., UOL) of Current Assets on our balance sheet
(R$124.7<B></B>&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2017 versus R$300.8&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016) offset by the difference between the opening and closing balances of the
Payables to related parties item (i.e., UOL) of Current Liabilities on our balance sheet (R$39.1<B></B>&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2017 versus R$76.2&nbsp;million at
<FONT STYLE="white-space:nowrap">year-end</FONT> 2016), representing movements in our treasury cash position with UOL during the year. This item represented negative cash flow of R$64.4<B></B>&nbsp;million in 2017. For more information on our
treasury cash position with UOL, see Note&nbsp;9 to the audited consolidated financial statements. Our cash management has been separate from UOL&#146;s cash management starting from the date of completion of our initial public offering. Any
remaining balances that relate to prior cash management activities began accruing interest on arms&#146; length terms from the date of completion of our initial public offering, and any such balances were repaid by UOL following completion of this
offering. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Inventories item represents changes in the carrying value of the Inventories item of Current Assets on our balance sheet. This item represented negative cash flow of R$40.6&nbsp;million in 2017. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Salaries and social charges item represents amounts that were recorded on our statement of income, but which remained unpaid at <FONT STYLE="white-space:nowrap">year-end,</FONT> principally because they related to
the final month of the year. This item represented positive cash flow of R$13.3&nbsp;million in 2017. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our Taxes and contributions item represents sales taxes (ISS, ICMS, PIS and COFINS). This item represented negative cash flow of R$3.1<B></B>&nbsp;million in 2017. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since our statement of cash flows begins with our Profit before income taxes, it also adjusts for cash amounts paid in respect of our income
tax and social contribution, which totaled R$166.4<B></B>&nbsp;million during the year. Our statement of cash flows also adjusts for interest income received in cash and interest paid, which represented a positive cash flow of
R$208.6<B></B>&nbsp;million and a negative cash flow of R$9.2&nbsp;million, respectively, in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the above, our Net Cash
provided by operating activities in 2017 totaled R$453.6&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cash flows used in investing activities in 2017 totaled
R$207.2<B></B>&nbsp;million. This amount consisted of R$77.5<B></B>&nbsp;million in acquisitions of financial investments net of redemptions of financial investments, representing total cash that we withdrew during the year, less the
R$22.2&nbsp;million we paid for our acquisitions of R2Tech, BCPS and BIVA. We also invested R$99.7<B></B>&nbsp;million in purchases and development of intangible assets, which represent purchases of third party software and the salaries and other
amounts that we paid to develop internally our software and technology, which we capitalize as intangible assets. For more information on our intangible assets, see Note&nbsp;12 to the audited consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cash flows used in financing activities in 2017 totaled R$259.6<B></B>&nbsp;million,
consisting in part of R$199.5&nbsp;million representing the repayment of our two outstanding borrowings and R$5.8&nbsp;million representing the liquidation of derivative financial instruments (swaps) relating to those borrowings during the year. For
further information on our borrowings, see &#147;&#151;Loans and Financing&#148; and Note&nbsp;14 to the audited consolidated financial statements. Furthermore, on September&nbsp;29, 2017, PagSeguro Brazil&#146;s shareholders approved a distribution
of R$238.8&nbsp;million in dividends. This amount consisted of (i)&nbsp;R$142.8&nbsp;million of dividends related to the <FONT STYLE="white-space:nowrap">six-month</FONT> period ended June&nbsp;30, 2017 and (ii)&nbsp;R$96.0&nbsp;million in dividends
related to the year ended December&nbsp;31, 2016. For more information regarding the 2016 dividend, see Note&nbsp;9 to the audited consolidated financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The R$238.8&nbsp;million in dividends were distributed on September&nbsp;29, 2017 in the following manner: (i)&nbsp;R$54.3&nbsp;million paid
in cash and (ii)&nbsp;R$184.5&nbsp;million offset against amounts then due to PagSeguro Brazil and Boa Compra under our centralized cash management with UOL. For further information on our centralized cash management with UOL, see &#147;Presentation
of Financial and Other Information&#151;Corporate Events&#151;The 2015 Reorganization.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, subject to certain limitations,
Brazilian companies generally also distribute amounts in respect of interest on own capital, which is calculated based on a government interest rate. In its 2016 financial statements PagSeguro Brazil recorded an amount of R$22.2&nbsp;million in
interest on own capital payable to UOL. This amount was paid to UOL on April&nbsp;30, 2017, although the payment was offset in full against amounts then due to PagSeguro Brazil and Boa Compra under our centralized cash management with UOL, rather
than being paid in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After accounting for the total decrease in Cash and cash equivalents of R$13.2<B></B>&nbsp;million discussed
above, our Cash and cash equivalents at the close of 2017 amounted to R$66.8<B></B>&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cash Flows in 2016 </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cash and cash equivalents at the beginning of 2016 amounted to R$6.9&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Profit before income taxes in 2016, as discussed above, was R$155.4&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adjustments for revenue, income and expenses recorded in our statement of income in 2016 but which did not affect our cash flows totaled
the positive amount of R$75.6&nbsp;million, principally reflecting the positive amount of R$31.6&nbsp;million of Chargebacks and the positive amount of R$31.2&nbsp;million of Depreciation and amortization recorded in our statement of income, which
are detailed in Note&nbsp;22 to the audited consolidated financial statements. Also in 2016, we recorded an unrealized loss of R$6.6&nbsp;million on derivative instruments (swaps). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adjustments for changes in our operating assets and liabilities for 2016 amounted to negative cash flows of R$282.2&nbsp;million. Our Note
receivables item, which is presented net of transaction costs and financial expenses we incur when we elect to receive early payment of the note receivables owed to us by card issuers, represented negative cash flow of R$784.0&nbsp;million (Note
receivables on our balance sheet were R$1,715.5&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016 versus R$1,110.0&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015) excluding interest income received in cash
and chargebacks, which are presented separately in the statement of cash flows. Our Payables to third parties item, which is presented net of revenue from transaction activities and financial income we receive when merchants elect to receive early
payments, represented positive cash flow of R$620.9&nbsp;million (Payables to third parties on our balance sheet were R$1,304.0&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2016 versus R$683.1&nbsp;million at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2015). Our Receivables from (payables to) related parties item represented negative cash flow of R$214.5&nbsp;million (Receivables from related parties, i.e. UOL, were R$300.8&nbsp;million at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2016 versus R$55.9&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015; and payables to related parties, i.e. UOL, were R$76.2&nbsp;million at
<FONT STYLE="white-space:nowrap">year-end</FONT> 2016 versus R$92.4&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015). Inventories represented positive cash flow of R$20.2&nbsp;million; and Salaries and social charges
represented positive cash flow of R$6.6&nbsp;million. Taxes and contributions represented positive cash flow of R$3.9&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We paid income taxes and social contributions in cash totaling R$18.1&nbsp;million and we
recorded a positive cash flow of R$146.3&nbsp;million related to interest income received during the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the above, our
Net Cash provided by operating activities in 2016 totaled R$77.0&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cash flows used in investing activities in 2016
totaled R$203.3&nbsp;million. This amount consisted of acquisition of financial investments of R$337.1&nbsp;million, representing total cash that we invested in short-term deposits during the year, less R$206.2&nbsp;million in redemptions of
financial investments, representing total cash that we withdrew from these short-term deposits during the year. We also invested R$70.4&nbsp;million in purchases and development of intangible assets, which represent purchases of third party software
and the salaries and other amounts that we paid to develop internally the software and technology, which we capitalize as intangible assets. For more information on our intangible assets, see Note&nbsp;12 to the audited consolidated financial
statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cash flows from financing activities in 2016 provided total cash flows of R$199.4&nbsp;million, which we received as the
proceeds of the borrowings we incurred during the year, discussed in Note&nbsp;14 to the audited consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After
accounting for the total increase in Cash and cash equivalents of R$73.1&nbsp;million discussed above, our Cash and cash equivalents at the close of 2016 amounted to R$80.0&nbsp;million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cash Flows in 2015 </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cash and cash
equivalents at the beginning of 2015 amounted to R$1.2&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Profit before income taxes in 2015, as discussed above, was
R$40.3&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adjustments for revenue, income and expenses recorded in our statement of income for 2015 but which did not
affect cash totaled the positive amount of R$40.4&nbsp;million, principally reflecting R$27.5&nbsp;million in Chargebacks and R$18.9&nbsp;million in depreciation and amortization recorded in our statement of income, which are detailed in
Note&nbsp;22 to the audited consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The adjustments for changes in our operating assets and liabilities for
2015 amounted to negative cash flows of R$111.8&nbsp;million. Our Note receivables item, which is presented net of transaction costs and financial expenses we incur when we elect to receive early payment of the note receivables owed to us by card
issuers, represented reduction of cash flow of R$553.0&nbsp;million (Note receivables on our balance sheet were R$1,110.0&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015 versus R$665.9&nbsp;million at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2014) excluding interest income received in cash and chargebacks, which are presented separately in the statement of cash flows. Our Payables to third parties item, which is presented net of revenue from
transaction activities and financial income we receive when merchants elect to receive early payments, represented positive cash flow of R$314.0&nbsp;million (Payables to third parties on our balance sheet were R$683.1&nbsp;million at <FONT
STYLE="white-space:nowrap">year-end</FONT> 2015 versus R$369.9&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2014). Our Receivables from (payables to) related parties item represented positive cash flow of R$121.5&nbsp;million
(Receivables from related parties, i.e. UOL, were R$55.9&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015 versus R$84.3&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2014; and payables to related parties, i.e.
UOL, were R$92.4&nbsp;million at <FONT STYLE="white-space:nowrap">year-end</FONT> 2015 versus R$0 at <FONT STYLE="white-space:nowrap">year-end</FONT> 2014). Inventories represented negative cash flow of R$25.1&nbsp;million; and Salaries and social
charges represented positive cash flow of R$13.3&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We paid income taxes and social contributions in cash totaling
R$2.7&nbsp;million and we recorded a positive cash flow of R$81.3&nbsp;million related to interest income received during the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a
result of the above, our Net cash provided by operating activities in 2015 totaled R$47.6&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Cash flows used in investing activities in 2015 totaled R$41.9&nbsp;million, consisting
principally of Purchases and development of intangible assets of R$38.9&nbsp;million. Our cash flows in 2015 show no movement of cash into financial investments, and a <FONT STYLE="white-space:nowrap">non-material</FONT> amount of redemptions from
financial investments. Prior to the transfer of our activities to our PagSeguro Brazil entity on August&nbsp;1, 2015, any such investments were carried out within the UOL group but these cash movements regarding the PagSeguro business were not
controlled separately. Following the transfer of our activities to our PagSeguro Brazil entity on August&nbsp;1, 2015, any cash movements by the PagSeguro Brazil Group have been controlled separately, but we did not make any such financial
investments during the last five months of the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We incurred no new borrowings and therefore did not generate Cash flows from
financing activities in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After accounting for the total increase in Cash and cash equivalents of R$5.7&nbsp;million discussed above,
our Cash and cash equivalents at the close of 2015 amounted to R$6.9&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Loans and Financings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We had no third-party borrowings at December&nbsp;31, 2017. Our total third-party borrowings amounted to R$205.2&nbsp;million at
December&nbsp;31, 2016 and we had no third-party borrowings in 2015, since we satisfied our funding and working capital requirements in those years (i)&nbsp;through the cash generated by our businesses, (ii)&nbsp;by obtaining early payment of note
receivables due to us from the card issuers and acquirers, as well as (iii)&nbsp;through our own capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2016, we obtained a
loan in the amount of US$40.0&nbsp;million (approximately R$129.4&nbsp;million applying exchange rates in effect at the time), which matured in January 2017. In September 2016, we obtained a further loan in the amount of US$21.8&nbsp;million
(approximately R$70.0&nbsp;million applying exchange rates in effect at the time), which matured in March 2017. We purchased swaps to provide protection against exchange rate fluctuations for both loans. Neither of these credit agreements contains
any provisions requiring us to provide collateral or comply with any financial covenants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These loans were repaid on schedule in the
first half of 2017 and we have incurred no new borrowings since then. As discussed above, we are increasingly financing our services and features by obtaining early payment of receivables owed to us from acquirers and card issuers, in order to
finance the early payment of receivables feature that we offer to our merchant clients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For further information on our financing
activities, see Note 14 to the audited consolidated financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Capital Expenditures </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The net total of our capital expenditures (purchases of property and equipment and purchases and development of intangible assets), for each of
the years ended December&nbsp;31, 2017, 2016 and 2015 were R$107.6&nbsp;million, R$72.4&nbsp;million and R$42.1&nbsp;million, respectively, most of which related to data processing equipment, facilities, machinery and equipment, furniture and
fittings, leasehold improvements, software and technology, all in Brazil. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For further information on our capital expenditures, see Notes
11 and 12 to the audited consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Commitments and Contractual Obligations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our contractual obligations at December&nbsp;31, 2017 consisted of obligations to purchase POS devices and platform technology for our acquirer
operations as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At December&nbsp;31, 2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less&nbsp;than<BR>1 year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>1&nbsp;to&nbsp;3<BR>years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>3&nbsp;to&nbsp;5<BR>years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>More&nbsp;than<BR>5 years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(R$ millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">POS device purchases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquirer platform technology</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>284.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>290.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other than the contractual obligations shown above, we do not have any <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements
and did not have any such arrangements for the years ended December&nbsp;31, 2017, 2016 or 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Critical Accounting Estimates and Judgments
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to
exercise its judgment in the process of applying our accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are described below and in
Note 3 to the audited consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accounting estimates and judgments are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Based on assumptions, PagSeguro Digital makes estimates concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
addressed below: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Estimated useful life of intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital uses an estimated useful life to calculate and record the amortization applied to its intangible assets which may differ from
the actual term over which the intangible assets are expected to generate benefits for PagSeguro Digital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amortization of software
usage rights is defined based on the effective period of the license contracted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amortization of internally developed software is
defined based on the period over which the software will generate future economic benefits. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Deferred income tax and social
contribution </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital recognizes deferred income tax and social contribution based on future taxable profit estimates for
the next ten years. These projections are periodically reviewed and approved by management. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Provision for contingencies
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital recognizes provisions for civil and labor suits. We recognize provisions for legal proceedings in our financial
statements when we are advised by independent outside counsel that (i)&nbsp;it is probable that an outflow of resources will be required to settle the obligation, and (ii)&nbsp;a reliable estimate can be made of the amount of the obligation. The
assessment of probability of loss includes assessing the available evidence and jurisprudence, the hierarchy of laws and most recent court decisions. Provisions are reviewed and adjusted to take into account changes in circumstances such as the
applicable limitation period, findings of tax inspections and additional exposures identified based on new issues or decisions of courts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_10"></A>ITEM&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Directors and Senior Management </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Board of Directors </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
board of directors is responsible for, among other things, establishing our overall strategy and general business policies, supervising management, electing and removing our executive officers, and appointing our independent auditors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors is composed of five members. Within one year of the date of our initial public offering, the size of our board of
directors is expected to increase to seven members. Each director holds office for the term, if any, fixed by the shareholders&#146; resolution that appointed him or her or, if no term is fixed on the appointment of the director, until the earlier
of his or her death, resignation or removal. Directors appointed by the board of directors hold office until the next annual general meeting. Our directors do not have a retirement age requirement under our Articles of Association. Maria Judith de
Brito was appointed to our board of directors on July&nbsp;19, 2017, Luis Frias, Eduardo Alcaro and Ricardo Dutra da Silva were appointed on December&nbsp;18, 2017, Noemia Gushiken was appointed on January&nbsp;23, 2018 and Marcos de Barros Lisboa
was appointed on April 13, 2018. All current members of our board of directors have been appointed to serve for an indefinite period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
do not have any service contracts with our executive directors that provide benefits upon termination of employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below sets
forth certain information of the current members of our board of directors: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Title</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Date of Birth</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Luis Frias</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Chairman</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">April&nbsp;6, 1963</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eduardo Alcaro</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">April&nbsp;26, 1972</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maria Judith de Brito</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">April&nbsp;30, 1958</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ricardo Dutra da Silva</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;1,&nbsp;1975</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noemia Gushiken*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">November&nbsp;3,&nbsp;1972</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marcos de Barros Lisboa*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">August&nbsp;2,&nbsp;1964</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Independent according to SEC and NYSE rules. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to appoint one additional independent
board member within one year following our initial public offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a brief summary of the business experience of our
current directors. Unless otherwise indicated, the current business address for our directors is Av. Brigadeiro Faria Lima, 1384, 4&ordm; andar, parte A, S&atilde;o Paulo, SP, <FONT STYLE="white-space:nowrap">01451-001,</FONT> Brazil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Luis Frias. </I>Mr.&nbsp;Frias has been the Chairman of our board of directors and our Principal Executive Officer since December&nbsp;18,
2017. He joined Grupo Folha in 1981 and has been its principal executive officer since 1989. In that capacity he led Grupo Folha&#146;s expansion into various new markets, such as commercial printing (through Plural, a partnership with Quad
Graphics) and <FONT STYLE="white-space:nowrap">e-commerce</FONT> logistics (through Transfolha). In 1996, he founded UOL, a pioneering Brazilian Internet company. As Principal Executive Officer and Chairman of the Board of Directors of UOL, he has
expanded UOL&#146;s business, through organic growth and more than 20&nbsp;acquisitions, to cover digital content and products, <FONT STYLE="white-space:nowrap">e-learning</FONT> and cloud/IT services, as well as the PagSeguro financial technology
business. He holds a bachelor&#146;s degree in economics from the University of S&atilde;o&nbsp;Paulo (<I>Universidade de S&atilde;o Paulo &#150; USP</I>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Eduardo Alcaro. </I>Mr.&nbsp;Alcaro has been a member of our board of directors and our Chief Financial and Investor Relations Officer and
Chief Accounting Officer since December&nbsp;18, 2017. He has been the Chief Financial and Mergers&nbsp;&amp; Acquisitions Officer of the UOL group and Executive Officer of the Folha Group since 2011. He holds a bachelor&#146;s degree in business
administration from the Get&uacute;lio Vargas Foundation (<I>Funda&ccedil;&atilde;o Get&uacute;lio Vargas &#150; <FONT STYLE="white-space:nowrap">FGV-SP</FONT></I>) in S&atilde;o Paulo. Before joining our group, Mr.&nbsp;Alcaro held several
positions, including Finance Vice President at Walmart Brazil from 2008 to 2011, Financial Planning and Investors Relations Director at Walmart USA from 2006 to 2008, Mergers&nbsp;&amp; Acquisitions Director at Walmart USA from 2003 to 2006, Finance
Manager at Walmart Brazil from 1997 to 2003 and Senior Auditor at PricewaterhouseCoopers from 1992 to 1997. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Maria Judith de Brito. </I>Mrs.&nbsp;de Brito has been a member of our board of directors
since July&nbsp;19, 2017. She has also been head of human resources, legal matters and institutional relations of the UOL group since its creation in 1996, and has been the Vice Chairman of UOL&#146;s board of directors since 2005. She has worked
for Grupo Folha since 1990, and is the current Superintendent of Grupo Folha. She holds a bachelor&#146;s degree in public administration from the Get&uacute;lio Vargas Foundation (<I>Funda&ccedil;&atilde;o Get&uacute;lio Vargas &#150; <FONT
STYLE="white-space:nowrap">FGV-SP</FONT></I>) in S&atilde;o Paulo and a master&#146;s degree in political science from the Pontifical Catholic University of S&atilde;o Paulo (<I>Pontif&iacute;cia Universidade Cat&oacute;lica de S&atilde;o Paulo
&#150; <FONT STYLE="white-space:nowrap">PUC-SP</FONT></I>). Mrs.&nbsp;de Brito was a professor of the undergraduate course in Business Administration at the Get&uacute;lio Vargas Foundation from 1986 to 1990, and professor of the graduate program in
journalism at ESPM (<I>Escola Superior de Propaganda e Marketing</I>) from 2011 to 2013. She was president of the National Newspaper Association (<I>Associa&ccedil;&atilde;o Nacional de Jornais</I>) from 2008 to 2012, and is currently a member of
the board of ABECS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Ricardo Dutra da Silva</I>. Mr.&nbsp;Dutra has been a member of our board of directors and our Executive Officer
since December&nbsp;18, 2017. He has been Chief Executive Officer of PagSeguro Brazil and Chief Executive Officer of UOL Digital Content and Products since 2016. Mr.&nbsp;Dutra worked for the UOL group from 1997 to 2005, holding management positions
in operations, marketing and sales, and rejoined the group in 2009 as Country Manager at UOL Argentina in Buenos Aires, where he served until 2010. He holds a bachelor&#146;s degree in electrical/industrial engineering from the Industrial
Engineering University (<I>Centro Universit&aacute;rio da Faculdade de Engenharia Industrial &#150; FEI</I>), a&nbsp;post-graduate degree in business from the Get&uacute;lio Vargas Foundation (<I>Funda&ccedil;&atilde;o Get&uacute;lio
Vargas</I><I></I><I>&nbsp;&#150;FGV</I>) in S&atilde;o Paulo, and a full-time MBA from Darden Graduate School of Business Administration at the University of Virginia. Prior to rejoining UOL, he was a management consultant at Bain&nbsp;&amp; Company
from 2007 to 2009. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Noemia Gushiken</I>. Ms.&nbsp;Gushiken has been a member of our board of directors since January&nbsp;23, 2018. She
has more than 20&nbsp;years of experience in the technology and consumer industries. She is currently a strategic advisor for family offices and startup companies in Brazil, providing advice on a variety of matters, including operations, management,
legal and compliance. Ms.&nbsp;Gushiken served as the Operations Director at Cerveja Proibida from 2013 to 2017, as the Legal Director at Microsoft from 2007 to 2013, and as the Head of Legal at UOL from 2000 to 2007. She has also represented these
companies in industry associations and corporate affairs initiatives in Brazil. She holds a law degree and a post-graduate degree in Commercial and Corporate Law, both from the Pontifical Catholic University of S&atilde;o Paulo
(<I>Pontif</I><I>&iacute;</I><I>cia Universidade Cat&oacute;lica de S&atilde;o Paulo &#150; PUC</I>). Ms.&nbsp;Gushiken also studied Japanese Constitutional Law at the University of Shizuoka &#150; Japan from 1993 to 1994. She is admitted to the
Brazilian Bar in S&atilde;o Paulo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Marcos de Barros Lisboa</I>.<I> </I>Mr. Lisboa has been a member of our board of directors since
April 13, 2018. Mr. Lisboa holds a bachelor&#146;s degree and a master&#146;s degree, both in economics, from the Federal University of Rio de Janeiro (<I>Universidade Federal do Rio de Janeiro</I>). He also has a Ph.D in economics from the
University of Pennsylvania. He was an assistant professor in the economics department at Stanford University from 1996 to 1998 and an assistant professor at the School of Economics of Getulio Vargas Foundation (<I>Funda&#231;&#227;o Getulio
Vargas</I>) from 1998 to 2002. Since 2013, he has worked at Insper, a business, economics and engineering school, initially as vice-president and, since 2015, as president. From 2003 to 2005, Mr. Lisboa served as Secretary of Economic Policy for the
Brazilian Federal Ministry of Finance.&nbsp;He also served as president of the Instituto de Resseguros do Brasil from 2005 to 2006 and, from 2006 to 2013, he worked at Ita&#250;-Unibanco, where he served as vice-president from 2009 to 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Executive Officers </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
executive officers are primarily responsible for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of our business and for implementing the general policies and directives established by our
board of directors. Our board of directors is responsible for establishing the roles of each executive officer. Our executive officers were appointed by our board of directors for an indefinite term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below shows our current executive officers: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Title</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Date of Birth</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Luis Frias</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Principal Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">April&nbsp;6, 1963</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eduardo Alcaro</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Chief&nbsp;Financial&nbsp;and&nbsp;Investor&nbsp;Relations&nbsp;Officer<BR>and&nbsp;Chief&nbsp;Accounting&nbsp;Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">April&nbsp;26, 1972</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ricardo Dutra da Silva</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Executive Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">December&nbsp;1,&nbsp;1975</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The business address of each of our executive officers is Avenida Brigadeiro Faria Lima, 1384, <FONT
STYLE="white-space:nowrap">01452-002</FONT> S&atilde;o Paulo &#150; SP, Brazil. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Audit Committee </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors has established an audit committee. Members will serve on this committee until the earliest of (1)&nbsp;the moment they
cease to be a director, (2)&nbsp;their resignation or (3)&nbsp;as otherwise determined by our board of directors. Our audit committee currently consists of three members, including Eduardo Alcaro, Marcos de Barros Lisboa and Noemia Gushiken. Eduardo
Alcaro is the chairman of our audit committee. Noemia Gushiken and Marcos de Barros Lisboa satisfy the &#147;independence&#148; requirements of the NYSE rules and meets the independence standards under Rule
<FONT STYLE="white-space:nowrap">10A-3</FONT> under the Exchange Act. Eduardo Alcaro satisfies the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The composition of our audit committee complies with the requirements of the NYSE rules pursuant to the
<FONT STYLE="white-space:nowrap">phase-in</FONT> rules for newly listed companies. Pursuant to these rules, one member of our audit committee must satisfy the audit committee member independence and other qualification requirements at the time of
listing. Within one year following the completion of our initial public offering, we expect that all members of our audit committee will either satisfy the independence requirements of the SEC and NYSE applicable to audit committees of foreign
private issuers or will qualify for an exemption under applicable rules, with the Rule <FONT STYLE="white-space:nowrap">10A-3</FONT> exemption. Our audit committee will comply with these requirements by the applicable deadlines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. Our audit committee
is responsible for, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">selecting our independent auditor, approving related fees and terminating our relationship with our independent auditor in the committee&#146;s discretion; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">pre-approving</FONT> audit and <FONT STYLE="white-space:nowrap">non-audit</FONT> services permitted to be performed by the independent auditor; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">annually reviewing the independent auditor&#146;s report describing the auditing firm&#146;s internal quality control procedures, any material issues raised by the most recent internal quality control review, or peer
review, of the independent auditors and all relationships between the independent auditor and our company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing with the independent auditor any audit problems or difficulties and management&#146;s response, as well as resolving any disagreements between management and the independent auditor regarding financial
reporting; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing and discussing the annual audited financial statements with management, internal audit team (or third-service provider performing this function) and the independent auditor, as well as quarterly unaudited
financial statements; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing and discussing with management and the independent auditors major issues regarding accounting principles and financial statement presentations; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">discussing earnings press releases with management, as well as financial information and earnings guidance provided to analysts and rating agencies; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing the effect of regulatory and accounting initiatives, as well as <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet structures, on our financial statements; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">overseeing our disclosure controls and procedures and internal control over financial reporting; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">assessing and monitoring our risk exposures, as well as the policies and guidelines with respect to risk management; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


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<TD ALIGN="left" VALIGN="top">timely reviewing reports from the independent auditor regarding all critical accounting policies and practices to be used by our company, all alternative treatments of financial information within IFRS that have been
discussed with management and all other material written communications between the independent auditor and management; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">establishing procedures for the receipt, retention and treatment of complaints received by our company regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission
by our employees of concerns regarding questionable accounting or auditing matters; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">analyzing our related-party transactions based on our policy for these transactions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">periodically reviewing and reassessing the adequacy of our audit committee charter; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">any other matters that are specifically delegated to our audit committee by our board of directors from time to time; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top">periodically meeting with management, internal audit team (or third-party service providers performing this function) and the independent auditors, separately; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">reporting regularly to the full board of directors. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Duties of Directors </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Directors are responsible to the company and not, in the absence of special circumstances, to the shareholders as individuals. For the purposes
of describing directors&#146; duties, the company is generally defined with reference to the interests of both present and future shareholders of the company as a whole. Under Cayman Islands law, a director owes two types of duties to the company:
fiduciary duties and duties of skill and care. In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles of Association, as amended and restated from time to time. You should refer to &#147;Item
10. Additional Information&#151;Memorandum and Articles of Association&#151;Principal Differences between Cayman Islands and U.S. Corporate Law&#148;] for additional information on our standard of corporate governance under Cayman Islands law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Compensation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Management
Compensation </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our executive officers, directors and management receive fixed and variable compensation. They also receive benefits in
line with market practice in Brazil. The fixed component of their compensation is set on market terms and adjusted annually. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The variable
component consists of cash bonuses and awards of restricted shares (or the cash equivalent) under our LTIP as discussed below. Cash bonuses are paid to executive officers and members of our management based on the previously agreed corporate
results-sharing plan (<I>plano de participa&ccedil;&otilde;es nos resultados</I>) and overall targets for the business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain of our
directors and officers receive compensation from UOL for services rendered to PagSeguro. The related cost is apportioned between UOL and PagSeguro in accordance with the services that are rendered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The aggregate compensation paid to the executive officers of PagSeguro Brazil in 2017 was R$3.5&nbsp;million. This includes benefits paid in
kind and variable compensation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Long-Term Incentive Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Members of our management participate in a Long-Term Incentive Plan, or LTIP, which was established by UOL for its group companies on
July&nbsp;29, 2015 and has been adopted by PagSeguro Digital Ltd. We believe the LTIP helps us attract and retain individuals who have a high potential to contribute to our success, and further aligns their interests with ours. Beneficiaries under
the LTIP are selected by UOL&#146;s LTIP Committee, which consists of our Chairman and two officers of UOL, and submitted to our Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beneficiaries under the LTIP were granted rights in the form of notional cash amounts without cash consideration. These rights vest in five
equal annual installments starting one year after the beneficiary&#146;s grant date, the earliest of which was on July&nbsp;29, 2015. Under the terms of the LTIP, upon completion of our initial public offering, the vested portion of each
beneficiary&#146;s LTIP rights was converted into Class&nbsp;A common shares of our company at the IPO price. The number of Class&nbsp;A common shares issued with respect to the vested LTIP rights was calculated, pursuant to each beneficiary&#146;s
individual LTIP agreement, based on our initial public offering price of US$21.50 per Class&nbsp;A common share. As a result, members of our management who are beneficiaries under the LTIP as a group received a total of 1,821,043 new Class&nbsp;A
common shares upon completion of our initial public offering. The unvested portions of each beneficiary&#146;s LTIP rights will be settled on each future annual vesting date, at the discretion of the LTIP Committee, by either (i)&nbsp;delivery of a
fixed number of Class&nbsp;A common shares of PagSeguro Digital or (ii)&nbsp;the equivalent in cash of the fixed number of shares at the current fair value. The vesting conditions of the LTIP awards include the completion of our IPO and the
attainment of certain service conditions. Upon completion of the IPO in January 2018, payment of future LTIP rights became probable, resulting in us commencing to recognize compensation expenses related to each beneficiary&#146;s LTIP rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All directors of PagSeguro Digital Ltd., except for Noemia Gushiken and Marcos de Barros Lisboa, are all beneficiaries under the LTIP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a beneficiary is dismissed by us, resigns, retires or dies, the portion of his or her rights under the LTIP that has vested at that date
will be delivered, but the <FONT STYLE="white-space:nowrap">non-vested</FONT> portion will be cancelled. If a beneficiary is terminated for cause, all of his or her rights under the LTIP will be cancelled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shares issued under the LTIP upon completion of our initial public offering are subject to a
<FONT STYLE="white-space:nowrap">one-year</FONT> <FONT STYLE="white-space:nowrap">lock-up</FONT> period under the terms of the LTIP. Any shares that are issued on a subsequent vesting date during the first year after our initial public offering will
be subject to the remainder of that same <FONT STYLE="white-space:nowrap">lock-up</FONT> period, expiring one year after the closing of our initial public offering. After the close of that <FONT STYLE="white-space:nowrap">one-year</FONT> period,
shares to be issued under the LTIP will no longer be subject to a <FONT STYLE="white-space:nowrap">lock-up.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The maximum number of
Class&nbsp;A common shares that can be delivered to beneficiaries under the LTIP may not exceed 3% of our issued share capital at any time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Share
Ownership </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The total number of common shares owned by our management as of February&nbsp;28, 2018 was 1,821,043 Class&nbsp;A common
shares and zero Class&nbsp;B common shares. No member of our management beneficially owns one percent or more of our common shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our Team </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that our team is one of PagSeguro&#146;s most important assets. Our culture reflects UOL&#146;s teamwork and innovation-driven
focus, instilling in our professionals a passion for our consumers and merchants. At December&nbsp;31, 2017, our total team consisted of 1,068 people, including 716 employees plus outsourced staff. At December&nbsp;31, 2017, our employees had an
average age of 32, 86% of whom held a bachelor&#146;s degree or higher and 36% of whom were women, with 5% of our employees specializing in products and engineering. The following table sets forth the number of our employees and a breakdown of
employees by category of activity as of the dates indicated in each area of our operations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Products and Engineering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commercial and Marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>716</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>446</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>300</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Together, our management team and employees represent experience in all areas of the Brazilian payments
market, with <FONT STYLE="white-space:nowrap">in-depth</FONT> knowledge of online payments, retail and financial services, technology, payment processing, <FONT STYLE="white-space:nowrap">in-person</FONT> electronic payments, acquiring and card
issuance. They therefore represent a complete picture of all of our customers&#146; needs and can prepare the future of our organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We seek to attract and train the best professionals in the market. We seek to motivate our employees to provide next-generation payment
capabilities through a corporate results-sharing plan (<I>plano de participa&ccedil;&otilde;es nos resultados</I>) for all employees and a long-term motivation plan for key professionals. Our corporate results-sharing plan includes salary multiples
of two for coordinators, three for managers, 3.5 for general managers, 4.1 or more for directors and one for other employees and is based on annual targets for metrics such as free cash flow, net income, revenues, working capital and TPV. See
&#147;&#151;Long-Term Incentive Plan.&#148; We believe that we offer competitive compensation packages and a dynamic culture, and have therefore been able to attract and retain qualified personnel and a stable management team. We also offer our
employees medical and dental insurance, life insurance, meal voucher cards and a retirement savings plan, among other benefits. In a 2017 survey carried out by the website LinkedIn, UOL was named as the second best place to work in Brazil. We are
aware, however, that our continued success will depend on our ability to continue to attract and retain these qualified professionals. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to our Business and Industry&#151;The loss
of any member of our management team and our inability to make up for such loss with a qualified replacement, could harm our business.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We train our teams in the use of modern management tools such as Agile, Lean, Kanban and Management 3.0. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our employees are represented by the Union of Employees of Information Technology Businesses and Course Providers of the State of S&atilde;o
Paulo (<I>Sindicato dos Trabalhadores nas Empresas e Cursos de Inform&aacute;tica do Estado de S&atilde;o Paulo&#151;SINDIESP</I>). We consider our relations with our employees to be good. We have not experienced any significant labor disputes. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_11"></A>ITEM&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Major Shareholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below contains information regarding the beneficial ownership of PagSeguro Digital&#146;s Class&nbsp;A common shares and Class&nbsp;B
common shares by UOL and members of our management, as a single group, as of February&nbsp;28, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beneficial ownership, which is
determined under SEC rules, generally includes voting or investment power over securities or the right to receive the economic benefit of ownership of the securities. We believe that each shareholder identified in the table below possesses sole
voting and investment power over all the Class&nbsp;A common shares or Class&nbsp;B common shares shown as beneficially owned by the shareholder in the table. Common shares subject to options, warrants or rights that are exercisable at the date of
this annual report, or that will be exercisable within 60&nbsp;days thereafter (which in the case of the Company, only consist of Class&nbsp;A common shares), are considered to be outstanding and beneficially owned by the person who holds such
options, warrants or rights for purposes of computing that person&#146;s common share ownership, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Percentages in the table below are based on 123,119,209 outstanding Class&nbsp;A common shares
and 192,020,861 outstanding Class&nbsp;B common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of our Class&nbsp;A common shares and Class&nbsp;B common shares have
identical rights, except that UOL as holder of Class&nbsp;B common shares (i)&nbsp;is entitled to 10 votes per share, whereas holders of our Class&nbsp;A common shares are entitled to one vote per share (ii)&nbsp;has certain conversion rights and
(iii)&nbsp;is entitled to maintain a proportional ownership interest in the event that additional Class&nbsp;A common shares are issued. For more information, see &#147;Item 10. Additional Information&#151;Memorandum and Articles of
Association&#151;Preemptive or Similar Rights&#148; and &#147;Item 10. Additional Information&#151;Memorandum and Articles of Association&#151;Conversion.&#148; Each Class&nbsp;B common share is convertible into one Class&nbsp;A common share. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares Beneficially Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;of&nbsp;Total&nbsp;Voting<BR>Power <SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;B</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:20.00pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Universo Online S.A.<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">192,020,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capital World Investors<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,791,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,821,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,612,724</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>12.5%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>192,020,861</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>100.0%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>94.7%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Percentage of total voting power represents voting power with respect to all of our Class&nbsp;A common shares and Class&nbsp;B common shares, as a single class. UOL as holder of our Class&nbsp;B common shares is
entitled to 10 votes per share, whereas holders of our Class&nbsp;A common shares are entitled to one vote per share. For more information about the voting rights of our Class&nbsp;A common shares and Class&nbsp;B common shares, see &#147;Item 10.
Additional Information&#151;Memorandum and Articles of Association&#151;Voting Rights.&#148; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">The following persons are beneficial owners of 5% or more of PagSeguro Digital&#146;s Class&nbsp;A common shares and Class&nbsp;B common shares indirectly through their ownership interests in UOL: (i)&nbsp;Folhapar
S.A., which holds a 64.46% ownership interest in UOL, (ii)&nbsp;Jo&atilde;o Alves de Queiroz Filho, who holds a 14.90% ownership interest in UOL, (iii)&nbsp;Negotio Magni, S.A. de C.V., which holds a 10.81% ownership interest in UOL, and
(iv)&nbsp;BTG Pactual Principal Investments Fundo de Investimento em Participa&ccedil;&otilde;es, which holds a 6.46% ownership interest in UOL. The following persons hold ownership interests in Folhapar S.A.: (i) Empresa Folha da Manh&atilde; S.A.,
which holds a 33.23% direct ownership interest in Folhapar S.A., and (ii)&nbsp;Luis Frias, who holds a 66.27% direct ownership interest and a 8.77% indirect ownership interest in Folhapar S.A. Luis Frias also holds a 2.04% direct ownership interest
in UOL. The principal business address of Universo Online S.A. and Luis Frias is Avenida Brigadeiro Faria Lima, 1384, <FONT STYLE="white-space:nowrap">01452-002</FONT> S&atilde;o Paulo &#150; SP, Brazil. The principal business address of Folhapar
S.A. is Alameda Bar&atilde;o de Limeira, 401, S&atilde;o Paulo &#150; SP, Brazil <FONT STYLE="white-space:nowrap">01202-900.</FONT> The principal business address of Jo&atilde;o Alves de Queiroz Filho is Av. Brigadeiro Faria Lima, 2277, 6th floor,
S&atilde;o Paulo &#150; SP, Brazil, <FONT STYLE="white-space:nowrap">01452-000.</FONT> The principal business address of Negotio Magni, S.A. de C.V. is Av. Chapultepec, 218, Col. Roma Norte, Mexico City, DF 06700 &#150; Mexico. The principal
business address of BTG Pactual Principal Investments Fundo de Investimento em Participa&ccedil;&otilde;es is Av. Brigadeiro Faria Lima, 3729, S&atilde;o Paulo &#150; SP, Brazil, <FONT STYLE="white-space:nowrap">04538-133.</FONT> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Consists of shares beneficially owned by Capital World Investors, a division of Capital Research and Management Company, or CRMC. Capital World Investors divisions of CRMC and Capital International Limited collectively
provide investment management services under the name Capital World Investors. As of January&nbsp;31, 2018, New World Fund, Inc., a client of Capital World Investors has the right to receive or the power to direct the receipt of dividends from, or
the proceeds from the sale of, our Class&nbsp;A common shares. The address for Capital World Investors is 333 South Hope Street, Los Angeles, CA, USA 90071. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to our initial public offering, UOL held 100% of our outstanding common shares, totaling 262,288,607 Class&nbsp;B common shares. In our
initial public offering, UOL converted 70,267,746 Class&nbsp;B common shares to Class&nbsp;A common shares. Such converted shares were subsequently sold in our initial public offering, bringing UOL&#146;s total number of Class&nbsp;B common shares
held to 192,020,861. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is currently no shareholders&#146; agreement in place. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Related Party Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We currently engage in various transactions with UOL, our controlling shareholder, and other affiliated companies. All of our related party
transactions are conducted at arms&#146; length, based on terms that reflect those that would apply to transactions with third parties, other than our centralized cash management with UOL, described below. The total amount of costs and expenses
incurred by PagSeguro Digital for shared services and sales of services provided by UOL and other affiliated companies in the year ended December&nbsp;31, 2017 under such of these agreements as were in force during the year ended December&nbsp;31,
2017 was R$149.9<B></B>&nbsp;million, representing 8.1% of our total expenses for the year. Of the total amount of costs and expenses incurred by PagSeguro Digital for shared services and sales of services provided by affiliated companies during the
year, 70.3% were provided by UOL, 19.3% were provided by UOL Diveo and 10.3% were provided by Transfolha. PagSeguro also provided services to UOL and certain UOL affiliates during the year ended December&nbsp;31, 2017 for an amount of
R$1.5&nbsp;million. For more information, see Note 9 to the audited consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to our initial public
offering, PagSeguro&#146;s cash management was centralized with UOL, leading to positive or negative balances with UOL from time to time as referred to in Note 9 to the audited consolidated financial statements. When PagSeguro provided cash to UOL
or UOL provided cash to PagSeguro, these transactions were not carried out at arms&#146; length because no interest was recorded in either company&#146;s income statement. Our cash management was separated from UOL&#146;s cash management starting
from the date of completion of our initial public offering. Any remaining balances that relate to prior cash management activities began accruing interest on arms&#146; length terms from the date of completion of our initial public offering, and any
such balances were repaid by UOL following completion of our initial public offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Agreements with Our Management and Directors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain of our directors and officers receive compensation from UOL for services they provide to PagSeguro. The cost is apportioned between UOL
and PagSeguro in accordance with the services provided. In addition, we have entered into indemnification agreements with our directors and officers, as described below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification Agreements </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have entered into or will enter into indemnification agreements with each of our directors and officers. Pursuant to these agreements, we
have agreed to indemnify and hold harmless each director and officer to the full extent permitted by applicable law in the event of any claim made against him or her in any proceeding due to the fact that he or she is or was a director or officer of
our company or served at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, under the terms of these agreements we have agreed to cover all expenses actually and reasonably incurred by each director and
officer in connection with any such proceeding, with certain limited exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indemnification extends to the beneficiary&#146;s
services as a director or officer prior to the date of the indemnification agreement as well as afterward. It continues after the beneficiary ceases to be a director or officer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Agreements with UOL and UOL Subsidiaries </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil was incorporated as a legal entity in 2006, although it did not operate the PagSeguro business prior to August&nbsp;1, 2015
since most of the PagSeguro business activities were operated by other UOL group members prior to that date. On August&nbsp;1, 2015, UOL carried out a corporate reorganization in which it segregated some of the PagSeguro Brazil activities from its
other activities and contributed them to PagSeguro Brazil. Following this reorganization, PagSeguro Brazil entered into the contracts summarized below governing its relationship with UOL and its subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Advertising Space Assignment Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under this agreement, UOL may assign to PagSeguro Brazil certain advertising and media space on UOL&#146;s own website, as well as other space
that UOL obtains from unrelated third parties. We pay UOL monthly fees for this space, based on the actual amount of advertising and media space we use. For advertising and media space on UOL&#146;s own website, UOL charges us a price that it
determines on market terms. For space that UOL obtains from unrelated third parties, UOL charges us the same price as it pays for the space. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cost-Sharing Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil is party to two agreements with UOL under which UOL apportions to PagSeguro Brazil the expenses of certain services and
personnel hired by UOL for the benefit of PagSeguro Brazil and expenses related to our head office and operations center in S&atilde;o Paulo, which are provided by UOL. Under one agreement, UOL apportions to PagSeguro Brazil expenses relating to
call center services, marketing activities, certain ordinary course corporate services, and certain contingency expenses related to litigation. All insurance policies listed under &#147;Business &#150; Insurance&#148; are contracted by UOL under
this agreement. Under the other agreement, UOL apportions to PagSeguro Brazil expenses relating to certain back-office personnel who are employed by UOL but allocated to work on matters related to our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The two agreements apportion the costs and expenses for these services as between PagSeguro Brazil and UOL. The amounts PagSeguro Brazil pays
to UOL are based on different criteria depending on the type of service: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">for marketing, financial and legal services, the amount payable is based on the number of hours actually worked by UOL personnel on PagSeguro Brazil&#146;s behalf; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">for human resources services, the amount payable is based on the number of hours actually worked by UOL personnel on PagSeguro Brazil&#146;s behalf and on the number of UOL personnel dedicated to PagSeguro Brazil
matters; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">for call center services, the amount payable is based on the number of UOL personnel dedicated to PagSeguro Brazil matters; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">for technology services, the amount payable is based on the expenses incurred by UOL on PagSeguro Brazil&#146;s behalf. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Platform Licensing Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil and UOL are party to an agreement under which UOL provides services related to the development, maintenance and management of
the software used to conduct PagSeguro Brazil&#146;s business. The services include the development of new software, analysis and improvement of the efficiency of existing software and resolution of technical issues. The services are provided in
accordance with parameters set by PagSeguro Brazil. The amount payable under this agreement is based on the number of hours actually worked by UOL personnel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Boa Compra and UOL are party to an agreement under which UOL provides services related to software for Boa Compra&#146;s business on
substantially the same terms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>UOL Diveo Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Cloud Services Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil is party to two agreements with UOL Diveo under which UOL resells cloud services provided by Amazon Web Services, Inc., or
AWS, and Microsoft Ireland Operations Limited, or Microsoft, to PagSeguro Brazil. These cloud services include the storage of PagSeguro Brazil data on the cloud managed by the respective services providers and related technical support. PagSeguro
Brazil may manage its data through online access or specific software provided by AWS and Microsoft. UOL Diveo, as a reseller of the services, is not responsible for the quality, warranty, technical support, efficiency or results of the services or
for any losses incurred by PagSeguro Brazil deriving from these services. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Hosting and Colocation Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil and UOL Diveo are party to a hosting agreement and a colocation agreement under which UOL Diveo provides data storage services
to PagSeguro Brazil. These services include the lease of equipment, software licenses, assignment of information technology infrastructure and provision of space and internet access to PagSeguro Brazil&#146;s data center. In addition, under
technical proposal <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">OPT-17-21638</FONT></FONT> related to the hosting agreement, UOL Diveo also provides PagSeguro Brazil with payment methods monitoring and invoice issuing services.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Telecommunication Services Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil and UOL Diveo are party to an agreement under which UOL Diveo provides telecommunication services that allow PagSeguro Brazil
to offer national and international transmission capacity (voice, data and images) and the submission and reception of multimedia information to its customers throughout the telecommunications network of UOL Diveo or third parties. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Internet Security Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil is party to three agreements with UOL Diveo under which UOL Diveo provides internet security services to PagSeguro Brazil. The
payments under these agreements are made on a monthly basis in fixed amounts previously agreed between the parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the first
agreement, UOL Diveo provides brand protection services regarding the management of threats and the improper use of PagSeguro Brazil&#146;s brand on the internet, including on social networks, domain names, malicious emails, such as phishing and
spam, piracy and other threats involving PagSeguro Brazil&#146;s intellectual property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the second agreement, UOL Diveo provides
internet security services against <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-services</FONT></FONT> attacks (DoS attacks) that may impact PagSeguro Brazil&#146;s technological infrastructure or online services. This
service uses technology to prevent and mitigate such attacks thorough the behavioral analysis of the data flowing through PagSeguro Brazil&#146;s data center and network. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the third agreement, UOL Diveo provides application firewall against threats of fraud, unavailability and theft of information on PagSeguro Brazil
network, as well as the protection of PagSeguro Brazil&#146;s security operation and data centers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_12"></A>ITEM&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FINANCIAL INFORMATION </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Consolidated Statements and Other Financial Information </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See Item&nbsp;18. Financial Statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Legal Proceedings </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to
time, we are involved in proceedings that arise in the ordinary course of our business. Any claims against us, whether or not they have merit, can be time consuming, result in costly litigation, and require significant management time and
operational resources. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to a number of proceedings in the Brazilian judicial and administrative court
systems, relating to civil, tax and labor law claims. We believe these proceedings are normal and incidental to the operation of a business in Brazil. We recognize provisions for legal proceedings in our financial statements when we are advised by
independent outside counsel that (i)&nbsp;it is probable that an outflow of resources will be required to settle the obligation, and (ii)&nbsp;a reliable estimate can be made of the amount of the obligation. The assessment of the likelihood of loss
includes analysis by outside counsel of available evidence, the hierarchy of laws, available case law, recent court rulings and their relevance in the legal system. Our provisions for probable losses arising from these matters are estimated and
periodically adjusted by management. In making these adjustments our management relies on the opinions of our external legal advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts we had accrued in our financial statements as at December&nbsp;31, 2017 for all types of legal proceedings for which we believe a
loss is probable were R$4.6<B></B>&nbsp;million. However, legal proceedings are inherently unpredictable and subject to significant uncertainties. If one or more cases were to result in a judgment against us in any reporting period for amounts that
exceeded our management&#146;s expectations, the impact on our operating results or financial condition for that reporting period could be material. See &#147;Item 3. Key Information&#151;Risk Factors&#151;Risks Relating to our Business and
Industry&#151;Unfavorable outcomes in litigation or our inability to post judicial collateral or provide guarantees in pending legal or administrative proceedings could have a material adverse effect on our business, financial condition and Results
of Operations of PagSeguro Digital.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Civil Proceedings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The civil claims to which we are party generally relate to customer claims, including those related to
<FONT STYLE="white-space:nowrap">non-delivery</FONT> of products by merchants, denials by PagSeguro of requests for withdrawal of digital account balances and allegations of POS device defects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, we were party to approximately 3,600 proceedings of a civil nature (consisting of proceedings with PROCONs and
small claims courts relating to consumer rights). At December&nbsp;31, 2017, we had recorded R$4.3<B></B>&nbsp;million in provisions for current civil proceedings and no provisions for <FONT STYLE="white-space:nowrap">non-current</FONT> civil
proceedings. Most of these proceedings are related to consumer allegations of <FONT STYLE="white-space:nowrap">non-delivery</FONT> of products by merchants and requests for withdrawal of digital account balances that were blocked by PagSeguro
because they were under investigation for fraud or undergoing claim resolution. PagSeguro does not appear in the rankings of companies with large numbers of consumer claims published by the PROCON. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, we were not a party to any civil lawsuits involving risks classified by management as possible losses. For more
information, see Note&nbsp;17 of the audited consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We make judicial deposits, which are court-ordered
deposits that serve as collateral until the final settlement of the disputes to which they are related, in connection with certain of these civil proceedings. At December&nbsp;31, 2017, we had judicial deposits for civil proceedings in an aggregate
amount of R$0.4<B></B>&nbsp;million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Labor Proceedings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, we were party to approximately 29&nbsp;labor-related judicial and administrative proceedings for which we recorded a
provision of R$0.3<B></B>&nbsp;million. In general, the labor claims to which we are a party were filed by former employees of third-party service providers hired by us as part of the outsourcing of certain of our
<FONT STYLE="white-space:nowrap">non-core</FONT> activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not a party to any labor lawsuits involving risks classified by
management as possible losses. For more information, see Note&nbsp;17 of the audited consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Tax and Social Security Proceedings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, we had made judicial deposits of R$8.2<B></B>&nbsp;million related to the Brazilian government&#146;s Social
Integration Program (<I>Programa Integra&ccedil;&atilde;o Social</I>, or PIS) and R$50.4<B></B>&nbsp;million related to Brazilian social security (<I>Contribui&ccedil;&atilde;o para o Financiamento da Seguridade Social</I>, or COFINS) relating to
our financial income. These judicial deposits relate to a tax proceeding filed by us to challenge certain Brazilian regulations that changed the PIS/COFINS taxation regime. Laws 10,637/2002 and 10,833/2003 increased the PIS and COFINS calculation
basis, which was previously assessed on operating revenues and expanded to cover all types of revenue, including revenues generated by financial investments, with a few exceptions. Since the issuance of Decree No.&nbsp;5,164/2004, taxpayers subject
to the <FONT STYLE="white-space:nowrap">non-cumulative</FONT> PIS/COFINS methodology, like our company, were subject to PIS and COFINS at a 0% tax rate on financial income. On April&nbsp;1, 2015, the Brazilian federal government published Decree
No.&nbsp;8,426/2015, which increased the PIS and COFINS rates levied on financial income by legal entities subject to the <FONT STYLE="white-space:nowrap">non-cumulative</FONT> methodology to 0.65% and 4%, respectively. In December 2015, we filed a
tax proceeding alleging the unconstitutionality of the PIS/COFINS increase on financial income by Decree No.&nbsp;8,426/2015, based on violation of the constitutional principle of legality, which provides that an increase in existing taxes can only
be implemented by federal law. As an alternative request, we asked the court to recognize our right to discount PIS/COFINS tax credits from financial expenses incurred by us. As we were not granted injunctive relief, we have obtained a court
decision allowing us to deposit the amount related to these PIS/COFINS payments in escrow while this payment obligation is discussed in court. For more information, see Note&nbsp;15 to the audited consolidated financial statements and &#147;Item 3.
Key Information&#151;Risk Factors&#151;Risks Relating to our Business and Industry&#151; Changes in tax laws, tax incentives, benefits or differing interpretations of tax laws may harm our Results of Operations.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, we were party to tax lawsuits involving risks classified by management as possible losses, based on the evaluation
of our external legal advisors, totaling approximately R$29.7&nbsp;million. We have not recognized provisions for these possible losses. For more information, see Note&nbsp;17 of the audited consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dividend Policy </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For our policy on
dividend distributions, see &#147;Item&nbsp;10. Additional Information&#151;Memorandum and Articles of Association&#151;Dividends and Capitalization of Profits.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_13"></A>ITEM&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>THE OFFER AND LISTING </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Offer and Listing Details </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Price Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
table below sets forth reported high and low closing sale prices in U.S. dollars per Class&nbsp;A common share for the periods indicated based on information available from the NYSE. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>U.S.&nbsp;dollars</B><B><I>&nbsp;</I></B><B>per&nbsp;Class&nbsp;A<BR>common share</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2013</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2014:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2015:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2016:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2017:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2016:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Second Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Third Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fourth Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2017</B>:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Second Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Third Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fourth Quarter</P></TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>


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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>U.S.&nbsp;dollars</B><B><I>&nbsp;</I></B><B>per&nbsp;Class&nbsp;A<BR>common share</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>2018</B>:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Quarter</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Most Recent Six Months</B>:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2017</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October 2017</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November 2017</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2017</P></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 2018 (up to April 4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Plan of Distribution </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Trading Markets
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A common shares are listed on the NYSE under the symbol &#147;PAGS&#148;. Our Class&nbsp;A common shares are listed
in registered form and are not certificated. The Class&nbsp;A common shares commenced trading on the NYSE on January&nbsp;24, 2018. Immediately after our initial public offering, the Class&nbsp;A common shares represented 38.5% of our shares and
100% of our current global public float. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If your shares are registered in the name of The Depository Trust Company, or DTC, you are not
be a shareholder or member of the company. Each person owning Class&nbsp;A common shares held through DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the Class&nbsp;A
common shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Selling Shareholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dilution </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Expenses of the Issue
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_14"></A>ITEM&nbsp;10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ADDITIONAL INFORMATION </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Share Capital </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Memorandum and Articles
of Association </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Purpose </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The corporate objects of PagSeguro Digital, as stated in the Memorandum of Association, are unrestricted and PagSeguro Digital has the
authority to carry out any object not prohibited by any law, as provided by Section&nbsp;7(4) of the Companies Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issuance of Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as expressly provided in PagSeguro Digital&#146;s Memorandum and Articles of Association, PagSeguro Digital&#146;s board of directors
has general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares in the company&#146;s capital without the approval of our shareholders (whether forming part of the original or any
increased share capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and
conditions, and at such times as the directors may decide, but so that no share shall be issued at a discount, except in accordance with the provisions of the Companies Law. PagSeguro Digital will not issue bearer shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital&#146;s Articles of Association provide that at any time that there are Class&nbsp;A common shares in issue additional
Class&nbsp;B common shares may only be issued pursuant to (1)&nbsp;a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or rights to acquire shares or following
capitalization of profits, (2)&nbsp;a merger, consolidation, or other business combination involving the issuance of Class&nbsp;B common shares as full or partial consideration, or (3)&nbsp;an issuance of Class&nbsp;A common shares, whereby holders
of the Class&nbsp;B common shares are entitled to receive a number of Class&nbsp;B common shares that would allow them to maintain their proportional ownership interests in PagSeguro Digital. For more information see &#147;&#151;Preemptive or
Similar Rights.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital&#146;s Articles of Association also provide that the issuance of
<FONT STYLE="white-space:nowrap">non-voting</FONT> common shares requires the affirmative vote of a majority of the of then outstanding Class&nbsp;A common shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fiscal Year </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital&#146;s
fiscal year begins on January&nbsp;1 of each year and ends on December&nbsp;31 of the same year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of the Class&nbsp;A common shares and Class&nbsp;B common shares have identical rights, except that (i)&nbsp;the holder of
Class&nbsp;B common shares is entitled to 10 votes per share, whereas holders of Class&nbsp;A common shares are entitled to one vote per share, (ii)&nbsp;Class B common shares have certain conversion rights and (iii)&nbsp;the holder of Class&nbsp;B
common shares is entitled to maintain a proportional ownership interest in the event that additional Class&nbsp;A common shares are issued. For more information see &#147;&#151;Preemptive or Similar Rights&#148; and &#147;&#151;Conversion.&#148; The
holders of Class&nbsp;A common shares and Class&nbsp;B common shares vote together as a single class on all matters (including the election of directors) submitted to a vote of shareholders, except as provided below and as otherwise required by law.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital&#146;s Articles of Association provide as follows regarding the respective rights of holders of Class&nbsp;A common
shares and Class&nbsp;B common shares: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Class&nbsp;consents from the holders of Class&nbsp;A common shares or Class&nbsp;B common shares, as applicable, shall be required for any variation to the rights attached to their respective class of shares, however,
the Directors may treat any two or more classes of shares as forming one class if they consider that all such classes would be affected in the same way by the proposal; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">the rights conferred on holders of Class&nbsp;A common shares shall not be deemed to be varied by the creation or issue of further Class&nbsp;B common shares and vice versa; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">the rights attaching to the Class&nbsp;A common shares and the Class&nbsp;B common shares shall not be deemed to be varied by the creation or issue of shares with preferred or other rights, including, without
limitation, shares with enhanced or weighted voting rights. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As set forth in the Articles of Association, the holders of
Class&nbsp;A common shares and Class&nbsp;B common shares, respectively, do not have the right to vote separately if the number of authorized shares of such class is increased or decreased. Rather, the number of authorized Class&nbsp;A common shares
and Class&nbsp;B common shares may be increased or decreased (but not below the number of shares of such class then outstanding) by the affirmative vote of the holders of a majority of the voting power of the issued and outstanding Class&nbsp;A
common shares and Class&nbsp;B common shares, voting together in a general meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preemptive or Similar Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Class&nbsp;A common shares and Class&nbsp;B common shares are not entitled to preemptive rights upon transfer and are not subject to
conversion (except as described below under &#147;&#151;Conversion&#148;), redemption or sinking fund provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Class&nbsp;B common
shares are entitled to maintain a proportional ownership interest in the event that additional Class&nbsp;A common shares are issued. As such, except for certain exceptions, if PagSeguro Digital issues Class&nbsp;A common shares, it must first make
an offer to each holder of Class&nbsp;B common shares to issue to such holder on the same economic terms such number of Class&nbsp;B common shares as would ensure such holder may maintain a proportional ownership interest in PagSeguro Digital. This
right to maintain a proportional ownership interest may be waived by a majority of the holders of Class&nbsp;B common shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conversion </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The outstanding Class&nbsp;B common shares are convertible at any time as follows: (1)&nbsp;at the option of the holder, a Class&nbsp;B common
share may be converted at any time into one Class&nbsp;A common share or (2)&nbsp;upon the election of the holders of a majority of the then outstanding Class&nbsp;B common shares, all outstanding Class&nbsp;B common shares may be converted into a
like number of Class&nbsp;A common shares. In addition, each Class&nbsp;B common share will convert automatically into one Class&nbsp;A common share upon any transfer, whether or not for value, except for certain transfers described in the Articles
of Association, including transfers to affiliates, trusts solely for the benefit of the shareholder or their affiliates, and partnerships, corporations and other entities exclusively owned by the shareholder or their affiliates and certain transfers
to organizations that are exempt from taxation under Section&nbsp;501(c)(3) of the Internal Revenue Code of 1986, as amended. Furthermore, each Class&nbsp;B common share will convert automatically into one Class&nbsp;A common share and no
Class&nbsp;B common shares will be issued thereafter if, at any time, the voting power of the outstanding Class&nbsp;B common shares represents less than 10% of the combined voting power of the Class&nbsp;A common shares and Class&nbsp;B common
shares then outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No class of PagSeguro Digital&#146;s common shares may be subdivided or combined unless the other class of
common shares is concurrently subdivided or combined in the same proportion and in the same manner. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Equal Status </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as expressly provided in PagSeguro Digital&#146;s Memorandum and Articles of Association, Class&nbsp;A common shares and Class&nbsp;B
common shares have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters. In the event of any merger, consolidation, scheme, arrangement or other business combination requiring the
approval of our shareholders entitled to vote thereon (whether or not PagSeguro Digital is the surviving entity), the holders of Class&nbsp;A common shares shall have the right to receive, or the right to elect to receive, the same form of
consideration as the holders of Class&nbsp;B common shares, and the holders of Class&nbsp;A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis as the
holders of Class&nbsp;B common shares. In the event of any (1)&nbsp;tender or exchange offer to acquire any Class&nbsp;A common shares or Class&nbsp;B common shares by any third party pursuant to an agreement to which PagSeguro Digital is a party,
or (2)&nbsp;any tender or exchange offer by PagSeguro Digital to acquire any Class&nbsp;A common shares or Class&nbsp;B common shares, the holders of Class&nbsp;A common shares shall have the right to receive, or the right to elect to receive, the
same form of consideration as the holders of Class&nbsp;B common shares, and the holders of Class&nbsp;A common shares shall have the right to receive, or the right to elect to receive, at least the same amount of consideration on a per share basis
as the holders of Class&nbsp;B common shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Record Dates </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purpose of determining shareholders entitled to notice of, or to vote at any general meeting of shareholders or any adjournment
thereof, or shareholders entitled to receive dividend or other distribution payments, or in order to make a determination of shareholders for any other purpose, PagSeguro Digital&#146;s board of directors may set a record date which shall not exceed
forty (40)&nbsp;clear days prior to the date where the determination will be made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General Meetings of Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a condition of admission to a shareholders&#146; meeting, a shareholder must be duly registered as a shareholder of PagSeguro Digital at the
applicable record date for that meeting and, in order to vote, all calls or installments then payable by such shareholder to PagSeguro Digital in respect of the shares that such shareholder holds must have been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any special rights or restrictions as to voting then attached to any shares, at any general meeting every shareholder who is
present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative not being himself or herself a shareholder entitled to vote) shall have one vote per Class&nbsp;A common share and 10 votes
per Class&nbsp;B common share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a Cayman Islands exempted company, PagSeguro Digital is not obliged by the Companies Law to call annual
general meetings; however, the Articles of Association provide that in each year the company will hold an annual general meeting of shareholders, at a time determined by the board of directors, provided that the board of directors of PagSeguro
Digital has the discretion whether or not to hold an annual general meeting in 2018. For the annual general meeting of shareholders the agenda will include, among other things, the presentation of the annual accounts and the report of the directors.
In addition, the agenda for an annual general meeting of shareholders will only include such items as have been included therein by the board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also, PagSeguro Digital may, but is not required to (unless required by the laws of the Cayman Islands), hold other extraordinary general
meetings during the year. General meetings of shareholders are generally expected to take place in S&atilde;o Paulo, Brazil, but may be held elsewhere if the directors so decide. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law provides shareholders a limited right to request a general meeting, and does not provide shareholders with any right to put
any proposal before a general meeting in default of a company&#146;s articles of association. However, these rights may be provided in a company&#146;s articles of association. PagSeguro Digital&#146;s Articles of Association provide that upon the
requisition of one or more shareholders representing not less than <FONT STYLE="white-space:nowrap">one-third</FONT> of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the
resolutions so requisitioned to a vote at such meeting. The Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to regulatory requirements, the annual general meeting and any extraordinary general meetings must be called by not less than ten
(10)&nbsp;clear days&#146; notice prior to the relevant shareholders meeting and convened by a notice discussed below. Alternatively, upon the prior consent of all holders entitled to receive notice, with regards to the annual general meeting, and
the holders of 95% in par value of the shares entitled to attend and vote at an extraordinary general meeting, that meeting may be convened by a shorter notice and in a manner deemed appropriate by those holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital will give notice of each general meeting of shareholders by publication on its website and in any other manner that it may
be required to follow in order to comply with Cayman Islands law, NYSE and SEC requirements. The holders of registered shares may be given notice of a shareholders&#146; meeting by means of letters sent to the addresses of those shareholders as
registered in our shareholders&#146; register, or, subject to certain statutory requirements, by electronic means. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Holders whose shares are registered in the name of DTC or its nominee, which we expect will
be the case for all holders of Class&nbsp;A common shares, will not be a shareholder or member of the company and must rely on the procedures of DTC regarding notice of shareholders&#146; meetings and the exercise of rights of a holder of the
Class&nbsp;A common shares. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A quorum for a general meeting consists of any one or more persons holding or representing by proxy
not less than <FONT STYLE="white-space:nowrap">one-third</FONT> of the aggregate voting power of all shares in issue and entitled to vote upon the business to be transacted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A resolution put to a vote at a general meeting shall be decided on a poll. An ordinary resolution to be passed by the shareholders at a
general meeting requires the affirmative vote of a simple majority of the votes cast by, or on behalf of, the shareholders entitled to vote, present in person or by proxy and voting at the meeting. A special resolution requires the affirmative vote
on a poll of no less than <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the votes cast by the shareholders entitled to vote who are present in person or by proxy at a general meeting. Both ordinary resolutions and special resolutions may
also be passed by a unanimous written resolution signed by all the shareholders of our Company, as permitted by the Companies Law and our Articles of Association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to PagSeguro Digital&#146;s Articles of Association, general meetings of shareholders are to be chaired by the chairman of our board
of directors. If the chairman of our board of directors is absent, the directors present at the meeting shall appoint one of them to be chairman of the general meeting. If neither the chairman nor another director is present at the general meeting
within fifteen minutes after the time appointed for holding the meeting, the shareholders present in person or by proxy and entitled to vote may elect any one of the shareholders to be chairman. The order of business at each meeting shall be
determined by the chairman of the meeting, and he or she shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting,
including, without limitation, the establishment of procedures for the maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Company, restrictions on entry to such meeting after the time
prescribed for the commencement thereof, and the opening and closing of the polls. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liquidation Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If PagSeguro Digital is voluntarily wound up, the liquidator, after taking into account and giving effect to the rights of preferred and
secured creditors and to any agreement between PagSeguro Digital and any creditors that the claims of such creditors shall be subordinated or otherwise deferred to the claims of any other creditors and to any contractual rights of <FONT
STYLE="white-space:nowrap">set-off</FONT> or netting of claims between PagSeguro Digital and any person or persons (including without limitation any bilateral or any multi-lateral <FONT STYLE="white-space:nowrap">set-off</FONT> or netting
arrangements between the company and any person or persons) and subject to any agreement between PagSeguro Digital and any person or persons to waive or limit the same, shall apply PagSeguro Digital&#146;s property in satisfaction of its liabilities
<I>pari passu</I> and subject thereto shall distribute the property amongst the shareholders according to their rights and interests in PagSeguro Digital. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Changes to Capital </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the
Articles of Association, PagSeguro Digital may from time to time by ordinary resolution: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">increase its share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">convert all or any of its <FONT STYLE="white-space:nowrap">paid-up</FONT> shares into stock and reconvert that stock into paid up shares of any denomination; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">subdivide its existing shares or any of them into shares of a smaller amount, provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the
same as it was in the case of the share from which the reduced share is derived; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital&#146;s shareholders may by special resolution, subject to confirmation by the
Grand Court of the Cayman Islands on an application by the Company for an order confirming such reduction, reduce its share capital or any capital redemption reserve in any manner permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, subject to the provisions of the Companies Law and our Articles of Association, PagSeguro Digital may: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">issue shares on terms that they are to be redeemed or are liable to be redeemed; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">purchase its own shares (including any redeemable shares); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Companies Law, including out of its own capital. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer of Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to any
applicable restrictions set forth in the Articles of Association, any shareholder of PagSeguro Digital may transfer all or any of his or her common shares by an instrument of transfer in the usual or common form or in the form prescribed by the NYSE
or any other form approved by the Company&#146;s board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A common shares are traded on the NYSE in book-entry
form and may be transferred in accordance with PagSeguro Digital&#146;s Articles of Association and NYSE&#146;s rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, PagSeguro Digital&#146;s board of directors may, in its absolute discretion, decline to register any transfer of any common share
which is either not fully paid up to a person of whom it does not approve or is issued under any share incentive scheme for employees which contains a transfer restriction that is still applicable to such common share. The board of directors may
also decline to register any transfer of any ordinary share unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee of such maximum sum as the NYSE may determine to be payable or such lesser sum as the board of directors may from time to time require is paid to PagSeguro Digital in respect thereof; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the instrument of transfer is lodged with PagSeguro Digital, accompanied by the certificate (if any) for the common shares to which it relates and such other evidence as our board of directors may reasonably require to
show the right of the transferor to make the transfer; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the instrument of transfer is in respect of only one class of shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the instrument of transfer is properly stamped, if required; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the common shares transferred are free of any lien in favor of PagSeguro Digital; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in the case of a transfer to joint holders, the transfer is not to more than four joint holders. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the directors refuse to register a transfer they are required, within two months after the date on which the instrument of transfer was
lodged, to send to the transferee notice of such refusal. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Share Repurchase </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law and the Articles of Association permit PagSeguro Digital to purchase its own shares, subject to certain restrictions. The
board of directors may only exercise this power on behalf of PagSeguro Digital, subject to the Companies Law, the Articles of Association and to any applicable requirements imposed from time to time by the SEC, the NYSE, or by any recognized stock
exchange on which our securities are listed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividends and Capitalization of Profits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not adopted a dividend policy with respect to payments of any future dividends by PagSeguro Digital. Subject to the Companies Law,
PagSeguro Digital&#146;s shareholders may, by resolution passed by a simple majority of the voting rights entitled to vote at a general meeting, declare dividends (including interim dividends) to be paid to shareholders but no dividend shall be
declared in excess of the amount recommended by the board of directors. The board of directors may also declare dividends. Dividends may be declared and paid out of funds lawfully available to PagSeguro Digital. Except as otherwise provided by the
rights attached to shares and the Articles of Association of PagSeguro Digital, all dividends shall be paid in proportion to the number of Class&nbsp;A common shares or Class&nbsp;B common shares a shareholder holds at the date the dividend is
declared (or such other date as may be set as a record date); but, (i)&nbsp;if any share is issued on terms providing that it shall rank for dividend as from a particular date, that share shall rank for dividend accordingly, and (ii)&nbsp;where we
have shares in issue which are not fully paid up (as to par value) we may pay dividends in proportion to the amounts paid up on each share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of Class&nbsp;A common shares and Class&nbsp;B common shares shall be entitled to share equally in any dividends that may be
declared in respect of PagSeguro Digital&#146;s common shares from time to time. In the event that a dividend is paid in the form of Class&nbsp;A common shares or Class&nbsp;B common shares, or rights to acquire Class&nbsp;A common shares or
Class&nbsp;B common shares, (1)&nbsp;the holders of Class&nbsp;A common shares shall receive Class&nbsp;A common shares, or rights to acquire Class&nbsp;A common shares, as the case may be; and (2)&nbsp;the holders of Class&nbsp;B common shares
shall receive Class&nbsp;B common shares, or rights to acquire Class&nbsp;B common shares, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;29,
2017, PagSeguro Brazil&#146;s shareholders approved a distribution of R$238.8&nbsp;million in dividends. This amount consisted of (i)&nbsp;R$142.8&nbsp;million of dividends related to the <FONT STYLE="white-space:nowrap">six-month</FONT> period
ended June&nbsp;30, 2017 and (ii)&nbsp;R$96.0&nbsp;million in dividends related to the year ended December&nbsp;31, 2016. For more information regarding the 2016 dividend, see Note 9 to the audited consolidated financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The R$238.8&nbsp;million in dividends were distributed on September&nbsp;29, 2017 in the following manner: (i)&nbsp;R$54.3&nbsp;million paid
in cash and (ii)&nbsp;R$184.5&nbsp;million offset against amounts then due to PagSeguro Brazil and Boa Compra under our centralized cash management with UOL. For further information on our centralized cash management with UOL, see &#147;Presentation
of Financial and Other Information&#151;Corporate Events&#151;The 2015 Reorganization.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, subject to certain limitations,
Brazilian companies generally also distribute amounts in respect of interest on own capital, which is calculated based on a government interest rate. In its 2016 financial statements PagSeguro Digital recorded an amount of R$22.2&nbsp;million in
interest on own capital payable to UOL. This amount was paid to UOL on April&nbsp;30, 2017, although the payment was offset in full against amounts then due to PagSeguro Brazil and Boa Compra under our centralized cash management with UOL, rather
than being paid in cash. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Appointment, Disqualification and Removal of Directors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital is managed by its board of directors. The Articles of Association provide that, unless otherwise determined by a special
resolution of shareholders, the board of directors will be composed of four to 11 directors, with the number being determined by a majority of the directors then in office. There are no provisions relating to retirement of directors upon reaching
any age limit. The Articles of Association also provide that, while PagSeguro Digital&#146;s shares are admitted to trading on NYSE, the board of directors must always comply with the residency and citizenship requirements of the U.S. securities
laws applicable to foreign private issuers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Articles of Association provide that directors shall be elected by an ordinary resolution of
our shareholders, which requires the affirmative vote of a simple majority of the votes cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall be appointed and elected
for such term as the resolution appointing him or her may determine or until his or her death, resignation or removal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our directors are
Luis Frias, Eduardo Alcaro, Maria Judith de Brito, Ricardo Dutra da Silva Noemia Gushiken and Marcos de Barros Lisboa. Ms.&nbsp;Gushiken and Marcos de Barros Lisboa are &#147;independent&#148; as that term is defined under the applicable rules and
regulations of the SEC and the listing standards of the NYSE. We intend to appoint one additional independent director within one year following our initial public offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any vacancies on the board of directors that arise other than upon the removal of a director by resolution passed at a general meeting can be
filled by the remaining directors (notwithstanding that they may constitute less than a quorum). Any such appointment shall be as an interim director to fill such vacancy until the next annual general meeting of shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additions to the existing board (within the limits set pursuant to the Articles of Association) may be made by ordinary resolution of the
shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the completion of our initial public offering, the board of directors put in place an audit committee. See &#147;Item
6. Directors, Senior Management and Employees&#151;&#151;Audit Committee.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Grounds for Removing a Director </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A director may be removed with or without cause by ordinary resolution. The notice of general meeting must contain a statement of the intention
to remove the director and must be served on the director not less than ten calendar days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The office of a director will be vacated automatically if he or she (1)&nbsp;becomes prohibited by law from being a director, (2)&nbsp;becomes
bankrupt or makes an arrangement or composition with his creditors, (3)&nbsp;dies or is in the opinion of all his <FONT STYLE="white-space:nowrap">co-directors,</FONT> incapable by reason of mental disorder of discharging his duties as director,
(4)&nbsp;resigns his office by notice to us or (5)&nbsp;has for more than six months been absent without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his or her
office be vacated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Proceedings of the Board of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Articles of Association provide that PagSeguro Digital&#146;s business is to be managed and conducted by the board of directors. The quorum
necessary for the board meeting shall be a simple majority of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided by a majority of votes. In the case of an equality of
votes, the chairman shall have a casting vote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Articles of Association, the board of directors may
regulate its proceedings as they determine is appropriate. Board meetings shall be held at least once every calendar quarter and shall take place either in S&atilde;o Paulo, Brazil or at such other place as the directors may determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Memorandum and Articles of Association, to any directions given by ordinary resolution of the shareholders
and the listing rules of the NYSE, the board of directors may from time to time at its discretion exercise all powers of PagSeguro Digital, including, subject to the Companies Law, the power to issue debentures, bonds and other securities of the
company, whether outright or as collateral security for any debt, liability or obligation of our company or of any third party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inspection of Books and Records </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of PagSeguro Digital shares will have no general right under Cayman Islands law to inspect or obtain copies of the list of shareholders
or corporate records of the Company. However, the board of directors may determine from time to time whether and to what extent PagSeguro Digital&#146;s accounting records and books shall be open to inspection by shareholders who are not members of
the board of directors. Notwithstanding the above, the Articles of Association provide shareholders with the right to receive annual financial statements. Such right to receive annual financial statements may be satisfied by publishing the same on
the company&#146;s website or filing such annual reports as we are required to file with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Register of Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our registered Class&nbsp;A common shares are held through DTC, and DTC or Cede&nbsp;&amp; Co., as nominee for DTC, is recorded in the
shareholders&#146; register as the holder of our Class&nbsp;A common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Cayman Islands law, PagSeguro Digital must keep a
register of shareholders that includes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the names and addresses of the shareholders, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the date on which the name of any person was entered on the register as a member; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the date on which any person ceased to be a member. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Cayman Islands law, the register of
shareholders of PagSeguro Digital is <I>prima facie</I> evidence of the matters set out therein (i.e. the register of shareholders will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the
register of shareholders is deemed as a matter of Cayman Islands law to have <I>prima facie</I> legal title to the shares as set against his or her name in the register of shareholders. The shareholders recorded in the register of shareholders
should be deemed to have legal title to the shares set against their name. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the name of any person is incorrectly entered in or omitted
from the register of shareholders, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of PagSeguro Digital, the person or member aggrieved (or any shareholder of
PagSeguro Digital, or PagSeguro Digital itself) may apply to the Cayman Islands Grand Court for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an
order for the rectification of the register. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exempted Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital is an exempted company with limited liability under the Companies Law. The Companies Law distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company
are essentially the same as for an ordinary company except for the exemptions and privileges listed below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company&#146;s register of shareholders is not open to inspection; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company does not have to hold an annual general meeting; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company may register as a limited duration company; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an exempted company may register as a segregated portfolio company. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Limited liability&#148; means that the liability of each shareholder is limited to the
amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be
prepared to pierce or lift the corporate veil). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital is subject to reporting and other informational requirements of the
Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this annual report, PagSeguro Digital complies with the NYSE rules in lieu of following home country practice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Anti-Takeover Provisions in our Memorandum and Articles of Association </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some provisions of the Memorandum and Articles of Association may discourage, delay or prevent a change in control of PagSeguro Digital or
management that shareholders may consider favorable. In particular, the capital structure of PagSeguro Digital concentrates ownership of voting rights in the hands of UOL. These provisions, which are summarized below, are expected to discourage
coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of PagSeguro Digital to first negotiate with the board of directors. However, these provisions could also
have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of the Class&nbsp;A common shares that often result from actual or rumored hostile
takeover attempts. These provisions may also have the effect of preventing changes in the management of PagSeguro Digital. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise
deem to be in their best interests. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Two Classes of Common Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Class&nbsp;B common shares of PagSeguro Digital are entitled to 10&nbsp;votes per share, while the Class&nbsp;A common shares are entitled
to one vote per share. Since it owns of all of the Class&nbsp;B common shares of PagSeguro Digital, UOL currently has the ability to elect all directors and to determine the outcome of most matters submitted for a vote of shareholders. This
concentrated voting control could discourage others from initiating any potential merger, takeover, or other change of control transaction that other shareholders may view as beneficial. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">So long as UOL has the ability to determine the outcome of most matters submitted to a vote of shareholders as well as the overall management
and direction of PagSeguro Digital, third parties may be deterred in their willingness to make an unsolicited merger, takeover, or other change of control proposal, or to engage in a proxy contest for the election of directors. As a result, the fact
that PagSeguro Digital has two classes of common shares may have the effect of depriving you as a holder of Class&nbsp;A common shares of an opportunity to sell your Class&nbsp;A common shares at a premium over prevailing market prices and make it
more difficult to replace the directors and management of PagSeguro Digital. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Preferred Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital&#146;s board of directors is given wide powers to issue one or more classes or series of shares with preferred rights. Such
preferences may include, for example, dividend rights, conversion rights, redemption privileges, enhanced voting powers and liquidation preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Despite the anti-takeover provisions described above, under Cayman Islands law, PagSeguro Digital&#146;s board of directors may only exercise
the rights and powers granted to them under the Memorandum and Articles of Association, for what they believe in good faith to be in the best interests of PagSeguro Digital. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Protection of <FONT STYLE="white-space:nowrap">Non-Controlling</FONT> Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Grand Court of the Cayman Islands may, on the application of shareholders holding not less than one fifth of the shares of PagSeguro
Digital in issue, appoint an inspector to examine the Company&#146;s affairs and report thereon in a manner as the Grand Court shall direct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Companies Law, any shareholder may petition the Grand Court of the Cayman Islands which may make a winding up
order, if the court is of the opinion that this winding up is just and equitable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the U.S. securities laws and
regulations that are applicable to PagSeguro Digital, general corporate claims against PagSeguro Digital by its shareholders must, as a general rule, be based on the general laws of contract or tort applicable in the Cayman Islands or their
individual rights as shareholders as established by PagSeguro Digital&#146;s Memorandum and Articles of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Cayman Islands
courts ordinarily would be expected to follow English case law precedents, which permit a minority shareholder to commence a representative action against PagSeguro Digital, or derivative actions in PagSeguro Digital&#146;s name, to challenge
(1)&nbsp;an act which is <I>ultra vires </I>or illegal, (2)&nbsp;an act which constitutes a fraud against the minority and the wrongdoers themselves control PagSeguro Digital, and (3)&nbsp;an irregularity in the passing of a resolution that requires
a qualified (or special) majority. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration Rights and Restricted Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although no shareholders of PagSeguro Digital have formal registration rights, they or entities controlled by them or their permitted
transferees will, subject to the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements described under &#147;&#151;Common Shares Eligible for Future Sale&#148;, be able to sell their shares in the public market from time to time without
registering them, subject to certain limitations on the timing, amount and method of those sales imposed by regulations promulgated by the SEC. PagSeguro Digital, our executive officers and directors who will held shares upon completion of our
initial public offering and UOL have agreed to <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements that restrict us and them, subject to specified exceptions, from selling or otherwise disposing of any shares for a period of 180 days after
the date of our initial public offering without the prior consent of the representatives for the underwriters. However, the underwriters may, in their sole discretion and without notice, release all or any portion of the shares from the restrictions
in any of the <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements described above. In addition, these <FONT STYLE="white-space:nowrap">lock-up</FONT> agreements are subject to the exceptions described in &#147;Common Shares Eligible for
Future Sale,&#148; including the right for PagSeguro Digital to issue new shares if we carry out an acquisition or enter into a merger, joint venture or strategic participation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Differences between Cayman Islands and U.S. Corporate Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law was modelled originally after similar laws in England and Wales but does not follow subsequent statutory enactments in
England and Wales. In addition, the Companies Law differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Law applicable to
PagSeguro Digital and the laws applicable to companies incorporated in the United States and their shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mergers and Similar Arrangements
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and <FONT
STYLE="white-space:nowrap">non-Cayman</FONT> Islands companies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">119 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For these purposes, (a)&nbsp;&#148;merger&#148; means the merging of two or more constituent
companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company and (b)&nbsp;a &#147;consolidation&#148; means the combination of two or more constituent companies into a consolidated
company and the vesting of the undertaking, property and liabilities of such companies in the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or
consolidation, which must then be authorized by (a)&nbsp;a special resolution of the shareholders of each constituent company; and (b)&nbsp;such other authorization, if any, as may be specified in such constituent company&#146;s articles of
association. The plan must be approved by the directors of each constituent company and filed with the Registrar of Companies together with a declaration as to: (1)&nbsp;the solvency of the consolidated or surviving company, (2)&nbsp;the merger or
consolidation is bona fide and not intended to defraud unsecured creditors of the constituent companies; (3)&nbsp;no petition or other similar proceeding has been filed and remains outstanding and no order or resolution to wind up the company in any
jurisdiction, (4)&nbsp;no receiver, trustee, administrator or similar person has been appointed in any jurisdiction and is acting in respect of the constituent company, its affairs or property, (5)&nbsp;no scheme, order, compromise or similar
arrangement has been entered into or made in any jurisdiction with creditors; (6)&nbsp;a list of the assets and liabilities of each constituent company; (7)&nbsp;the <FONT STYLE="white-space:nowrap">non-surviving</FONT> constituent company has
retired from any fiduciary office held or will do so; (8)&nbsp;that the constituent company has complied with any requirements under the regulatory laws, where relevant; and (9)&nbsp;an undertaking that a copy of the certificate of merger or
consolidation will be given to the members and creditors of each constituent company and published in the Cayman Islands Gazette. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed between the parties, may be determined
by the Cayman Islands&#146; court) if they follow the required procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement in
question is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case
may be, that are present and voting either in person or by proxy at a meeting, or meetings convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a
dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">PagSeguro Digital is not proposing to act illegally or ultra vires and the statutory provisions as to majority vote have been complied with; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the shareholders have been fairly represented at the meeting in question; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Law or that would amount to a &#147;fraud on the minority.&#148; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a takeover offer is made and accepted by holders of 90.0% in value of the shares affected within four months, the offeror may, within a <FONT
STYLE="white-space:nowrap">two-month</FONT> period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection may be made to the Grand Court of the Cayman Islands but is unlikely to succeed unless
there is evidence of fraud, bad faith or collusion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the arrangement and reconstruction are thus approved, any dissenting shareholders
would have no rights comparable to appraisal rights, which might otherwise ordinarily be available to dissenting shareholders of U.S. corporations and allow such dissenting shareholders to receive payment in cash for the judicially determined value
of their shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholders&#146; Suits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Class&nbsp;actions are not recognized in the Cayman Islands, but groups of shareholders with identical interests may bring representative
proceedings, which are similar. However, a class action suit could nonetheless be brought in a U.S. court pursuant to an alleged violation of U.S. securities laws and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In principle, PagSeguro Digital itself would normally be the proper plaintiff and as a general rule, whilst a derivative action may be
initiated by a minority shareholder on behalf of PagSeguro Digital in a Cayman Islands court, such shareholder will not be able to continue those proceedings without the permission of a Grand Court judge, who will only allow the action to continue
if the shareholder can demonstrate that PagSeguro Digital has a good case against the Defendant, and that it is proper for the shareholder to continue the action rather than the Company&#146;s board of directors. Examples of circumstances in which
derivative actions would be permitted to continue are where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a company is acting or proposing to act illegally or beyond the scope of its authority; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the act complained of, although not beyond the scope of its authority, could be effected duly if authorized by more than a simple majority vote that has not been obtained; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">those who control the company are perpetrating a &#147;fraud on the minority.&#148; </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Governance
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cayman Islands law restricts transactions between a company and its directors unless there are provisions in the Memorandum and
Articles of Association which provide a mechanism to alleviate possible conflicts of interest. Additionally, Cayman Islands law imposes on directors&#146; duties of care and skill and fiduciary duties to the companies which they serve. Under
PagSeguro Digital&#146;s Articles of Association, a director must disclose the nature and extent of his interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the
listing rules of the NYSE, and unless disqualified by the chairman of the relevant meeting, the interested director may vote in respect of any transaction or arrangement in which he or she is interested. The interested director shall be counted in
the quorum at such meeting and the resolution may be passed by a majority of the directors present at the meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indemnification of Directors and
Executive Officers and Limitation of Liability </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law does not limit the extent to which a company&#146;s articles of
association may provide for indemnification of directors and officers, except to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences
of committing a crime. PagSeguro Digital&#146;s Articles of Association provide that we shall indemnify and hold harmless our directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments,
fines, settlements and other amounts incurred or sustained by such directors or officers, other than by reason of such person&#146;s dishonesty, willful default or fraud, in or about the conduct of our company&#146;s business or affairs (including
as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such
director or officer in defending (whether successfully or otherwise) any civil, criminal or other proceedings concerning PagSeguro Digital or our affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally
the same as permitted under the Delaware General Corporation Law for a Delaware corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to PagSeguro Digital&#146;s directors, officers or persons controlling the Company under the foregoing provisions, we have been informed that, in the opinion of the SEC, this indemnification is
against public policy as expressed in the Securities Act and is therefore unenforceable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Directors&#146; Fiduciary Duties </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company.
Accordingly, directors owe fiduciary duties to their companies to act bona fide in what they consider to be the best interests of the company, to exercise their powers for the purposes for which they are conferred and not to place themselves in a
position where there is a conflict between their personal interests and their duty to the company. Accordingly, a director owes a company a duty not to make a profit based on his or her position as director (unless the company permits him or her to
do so) and a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. However, this obligation may be varied by the company&#146;s articles of
association, which may permit a director to vote on a matter in which he has a personal interest provided that he has disclosed that nature of his interest to the board of directors. PagSeguro Digital&#146;s Articles of Association provides that a
director must disclose the nature and extent of his or her interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the NYSE, and unless disqualified
by the chairman of the relevant meeting, such director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A director of a Cayman Islands company also owes to the company duties to exercise independent judgment in carrying out his functions and to
exercise reasonable skill, care and diligence, which has both objective and subjective elements. Recent Cayman Islands case law confirmed that directors must exercise the care, skill and diligence that would be exercised by a reasonably diligent
person having the general knowledge, skill and experience reasonably to be expected of a person acting as a director. Additionally, a director must exercise the knowledge, skill and experience which he or she actually possesses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A general notice may be given to the board of directors to the effect that (1)&nbsp;the director is a member or officer of a specified company
or firm and is to be regarded as interested in any contract or arrangement which may after the date of the notice be made with that company or firm; or (2)&nbsp;he or she is to be regarded as interested in any contract or arrangement which may after
the date of the notice to the board of directors be made with a specified person who is connected with him or her, will be deemed sufficient declaration of interest. This notice shall specify the nature of the interest in question. Following the
disclosure being made pursuant to PagSeguro Digital&#146;s Articles of Association and subject to any separate requirement under applicable law or the listing rules of the NYSE, and unless disqualified by the chairman of the relevant meeting, a
director may vote in respect of any transaction or arrangement in which he or she is interested and may be counted in the quorum at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In comparison, under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its
shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this
duty, a director must inform himself or herself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably
believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and
its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in
good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a
transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Proposals </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Delaware
General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. The Delaware General Corporation Law does not provide
shareholders an express right to put any proposal before the annual meeting of shareholders, but Delaware corporations generally afford shareholders an opportunity to make proposals and nominations provided that they comply with the notice
provisions in the certificate of incorporation or bylaws. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company&#146;s articles of association. PagSeguro Digital&#146;s Articles of Association provide that upon the requisition of one or more shareholders
representing not less than <FONT STYLE="white-space:nowrap">one-third</FONT> of the voting rights entitled to vote at general meetings, the board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at
such meeting. The Memorandum and Articles of Association provide no other right to put any proposals before annual general meetings or extraordinary general meetings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">122 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cumulative Voting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&#146;s
certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the
shareholder is entitled on a single director, which increases the shareholder&#146;s voting power with respect to electing such director. As permitted under Cayman Islands law, PagSeguro Digital&#146;s Articles of Association do not provide for
cumulative voting. As a result, the shareholders of PagSeguro Digital are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Removal of Directors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The office of a
director shall be vacated automatically if, among other things, he or she (1)&nbsp;becomes prohibited by law from being a director, (2)&nbsp;becomes bankrupt or makes an arrangement or composition with his creditors, (3)&nbsp;dies or is in the
opinion of all his <FONT STYLE="white-space:nowrap">co-directors,</FONT> incapable by reason of mental disorder of discharging his duties as director (4)&nbsp;resigns his office by notice to us or (5)&nbsp;has for more than six months been absent
without permission of the directors from meetings of the board of directors held during that period, and the remaining directors resolve that his/her office be vacated. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transaction with Interested Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Delaware General Corporation Law provides that; unless the corporation has specifically elected not to be governed by this statute, it is
prohibited from engaging in certain business combinations with an &#147;interested shareholder&#148; for three years following the date that this person becomes an interested shareholder. An interested shareholder generally is a person or a group
who or which owns or owned 15% or more of the target&#146;s outstanding voting shares or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation&#146;s outstanding voting shares within the past three
years. This has the effect of limiting the ability of a potential acquirer to make a <FONT STYLE="white-space:nowrap">two-tiered</FONT> bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among
other things, prior to the date on which the shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This
encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target&#146;s board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cayman Islands law has no comparable statute. As a result, PagSeguro Digital cannot avail itself of the types of protections afforded by the
Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that the board of directors owe duties to ensure that these transactions
are entered into bona fide in the best interests of the company and for a proper corporate purpose and, as noted above, a transaction may be subject to challenge if it has the effect of constituting a fraud on the minority shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dissolution; Winding Up </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by
shareholders holding 100% of the total voting power of the corporation. If the dissolution is initiated by the board of directors it may be approved by a simple majority of the corporation&#146;s outstanding shares. Delaware law allows a Delaware
corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman
Islands or by a special resolution of its members or, if the company resolves by ordinary resolution that it be wound up because it is unable to pay its debts as they fall due. The court has authority to order winding up in a number of specified
circumstances including where it is, in the opinion of the court, just and equitable to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Companies Law, PagSeguro Digital
may be dissolved, liquidated or wound up by a special resolution of shareholders (requiring a <FONT STYLE="white-space:nowrap">two-thirds</FONT> majority vote). PagSeguro Digital&#146;s Articles of Association also give its board of directors
authority to petition the Cayman Islands Court to wind up PagSeguro Digital. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Variation of Rights of Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the
outstanding shares of that class, unless the certificate of incorporation provides otherwise. Under PagSeguro Digital&#146;s Articles of Association, if the share capital is divided into more than one class of shares, the rights attached to any
class may only be varied with the written consent of the holders of <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the shares of that class or the sanction of a special resolution passed at a separate meeting of the holders of the shares of
that class. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also, except with respect to share capital (as described above), alterations to PagSeguro Digital&#146;s Memorandum and
Articles of Association may only be made by special resolution of shareholders (requiring a <FONT STYLE="white-space:nowrap">two-thirds</FONT> majority vote). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment of Governing Documents </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under
the Delaware General Corporation Law, a corporation&#146;s certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote, and the
bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under Cayman Islands law, PagSeguro
Digital&#146;s Memorandum and Articles of Association generally (and save for certain amendments to share capital described in this section) may only be amended by special resolution of shareholders (requiring a
<FONT STYLE="white-space:nowrap">two-thirds</FONT> majority vote). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rights of <FONT STYLE="white-space:nowrap">Non-Resident</FONT> or Foreign
Shareholders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no limitations imposed by PagSeguro Digital&#146;s Memorandum and Articles of Association on the rights of <FONT
STYLE="white-space:nowrap">non-resident</FONT> or foreign shareholders to hold or exercise voting rights on PagSeguro Digital&#146;s shares. In addition, there are no provisions in the Memorandum and Articles of Association governing the ownership
threshold above which shareholder ownership must be disclosed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Transfer Agent and Registrar </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">American Stock Transfer&nbsp;&amp; Trust Company, LLC maintains our shareholders&#146; register and acts as our transfer agent, registrar and
paying agent for the Class&nbsp;A common shares. The Class&nbsp;A common shares are traded on the NYSE in book-entry form. The transfer agent, registrar and paying agent&#146;s address is 6201 15th Avenue, Brooklyn, NY, 11219, and its telephone
number is +1 (800) <FONT STYLE="white-space:nowrap">937-5449</FONT> or +1 (718) <FONT STYLE="white-space:nowrap">921-8124.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">124 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Material Contracts </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information concerning our material contracts, see &#147;Item&nbsp;4. Information on the Company&#148;, &#147;Item&nbsp;5. Operating and
Financial Review and Prospects&#148; and Item 7. Major Shareholders and Related Party Transactions&#151;Related Party Transactions.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exchange
Controls and Other Limitations Affecting Security Holders </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Cayman Islands currently has no exchange control restrictions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Taxation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary
contains a description of certain Cayman Islands and U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class&nbsp;A common shares but it does not purport to be a comprehensive description of all the tax
considerations that may be relevant to a decision to purchase, own or dispose of Class&nbsp;A common shares. The summary is based upon the tax laws of the Cayman Islands and regulations thereunder and on the tax laws of the United States and
regulations thereunder at the date hereof, which are subject to change.<B> Holders of our Class</B><B></B><B>&nbsp;A common shares should consult their own tax advisors as to the tax consequences of the acquisition, ownership and disposition of
Class</B><B></B><B>&nbsp;A common shares.</B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cayman Islands Tax Considerations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Cayman Islands laws currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of Class&nbsp;A common shares. There are no other taxes likely to be material to us levied by the government of the Cayman Islands
except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies
except those which hold interests in land in the Cayman Islands. The Cayman Islands is not party to any double tax treaties which are applicable to any payments made by or to our company. There are no exchange control regulations or currency
restrictions in the Cayman Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a Cayman Islands exempted company with limited liability, we are entitled, upon application, to
receive an undertaking as to tax concessions pursuant to Section&nbsp;6 of the Tax Concessions Law (1999 Revision). This undertaking would provide that, for a period of 20 years from the date of issue of the undertaking, no law thereafter enacted in
the Cayman Islands imposing any taxes to be levied on profits, income, gains or appreciation will apply to us or our operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments
of dividends and capital in respect of our Class&nbsp;A common shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class&nbsp;A common shares,
nor will gains derived from the disposal of our Class&nbsp;A common shares be subject to Cayman Islands income or corporation tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There
is no income tax treaty or convention currently in effect between the United States and the Cayman Islands. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>U.S. Federal Income Tax Considerations
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion describes certain U.S. federal income tax consequences of the purchase, ownership and disposition of our
Class&nbsp;A common shares. This discussion deals only with Class&nbsp;A common shares that are held as capital assets by a United States Holder (generally property held for investment). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">125 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used herein, the term &#147;United States Holder&#148; means a beneficial owner of our
Class&nbsp;A common shares that is, for U.S. federal income tax purposes, any of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an individual who is a citizen or resident of the United States; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an estate the income of which is subject to U.S. federal income taxation regardless of its source; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2)&nbsp;has
a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion is based upon provisions of the Internal Revenue Code of 1986, as amended, or the Code, and regulations, rulings and judicial
decisions thereunder at the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion does not represent a detailed description of the U.S. federal income tax consequences applicable to you if you are subject to
special treatment under the U.S. federal income tax laws, including if you are: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a dealer in securities or currencies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a financial institution; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a regulated investment company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a real estate investment trust; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an insurance company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person holding our Class&nbsp;A common shares in a retirement account or other <FONT STYLE="white-space:nowrap">tax-deferred</FONT> account; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organization; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person holding our Class&nbsp;A common shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a trader in securities that has elected the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting for your securities; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person liable for alternative minimum tax; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person who owns or is deemed to own 10% or more of our stock by vote or value; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a partnership or other pass-through entity for U.S. federal income tax purposes; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a person whose &#147;functional currency&#148; is not the United States dollar. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a
partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our Class&nbsp;A common shares, the tax treatment of a partner generally will depend upon the status of the partner and the activities
of the partnership. If you are a partner of a partnership holding our Class&nbsp;A common shares, you should consult your tax advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except where specifically described below, this discussion assumes that we are not a passive foreign investment company, or PFIC, for U.S.
federal income tax purposes. See the discussion under &#147;&#151;Passive Foreign Investment Company&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion does
not contain a detailed description of all the U.S. federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income or the effects of any state, local or <FONT
STYLE="white-space:nowrap">non-United&nbsp;States</FONT> tax laws. If you are considering the purchase of our Class&nbsp;A common shares, you should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you
of the purchase, ownership and disposition of our Class&nbsp;A common shares, as well as the consequences to you arising under other U.S. federal tax laws and the laws of any other taxing jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">126 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Taxation of Dividends </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the discussion under &#147;&#151;Passive Foreign Investment Company&#148; below, the gross amount of distributions on the
Class&nbsp;A common shares will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent that the amount of any distribution exceeds our
current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a <FONT STYLE="white-space:nowrap">tax-free</FONT> return of capital, causing a reduction in the tax basis of the Class&nbsp;A common shares,
and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain recognized on a sale or exchange. We do not, however, expect to determine earnings and profits in accordance with U.S. federal income
tax principles. Therefore, you should expect that a distribution generally will be reported as a dividend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to <FONT
STYLE="white-space:nowrap">non-corporate</FONT> United States Holders, certain dividends received from a qualified foreign corporation may be subject to reduced rates of taxation so long as certain holding period and other requirements are met. A
foreign corporation is treated as a qualified foreign corporation provided that (i)&nbsp;the corporation was not, in the year prior to the year in which the dividend was paid, and is not, in the year in which the dividend is paid, a PFIC (as
discussed below), and (ii)&nbsp;either (A)&nbsp;the corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that the IRS has approved for purposes of the qualified dividend rules or (B)&nbsp;the stock
with respect to dividends paid by that corporation on shares that are readily tradable on an established securities market in the United States, such as the NYSE. Our Class&nbsp;A common shares are listed on the NYSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There can be no assurance, however, that our Class&nbsp;A common shares will be considered readily tradable on an established securities
market in later years. <FONT STYLE="white-space:nowrap">Non-corporate</FONT> United States Holders that do not meet a minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend
income as &#147;investment income&#148; pursuant to Section&nbsp;163(d)(4) of the Code will not be eligible for the reduced rates of taxation regardless of our status as a qualified foreign corporation. In addition, the rate reduction will not apply
to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. You should consult
your own tax advisors regarding the application of these rules to your particular circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any dividends that you receive will be
includable in your gross income as ordinary income on the day actually or constructively received by you. Such dividends will not be eligible for the dividends received deduction allowed to corporations under the Code. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Passive Foreign Investment Company </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do
not expect to be a PFIC for the current taxable year or any future year, based on our current business plans. However, whether we are a PFIC will be determined annually based upon the composition and nature of our income and the composition, nature
and valuation of our assets, all of which are subject to change. The determination of whether we are a PFIC will also depend upon the application of complex U.S. federal income tax rules concerning the classification of our assets and income for
this purpose, and the application of these rules is uncertain in some respects. Accordingly, there can be no assurance that the IRS will not challenge any determination by us that we are not a PFIC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Code, we will be a PFIC for any taxable year in which, after the application of certain &#147;look-through&#148; rules with respect
to subsidiaries, either (i) 50% or more of the average quarterly value of our assets consist of assets that produce, or are held for the production of, passive income (the &#147;asset test&#148;) or (ii) 75% or more of our gross income consists of
passive income (the &#147;income test&#148;). For purposes of the asset test, any cash, including proceeds from the public offering, will generally be treated as a passive asset and the amount of cash held by us in any year will depend, in part, on
when we spend the cash raised from the public offering and generated in our operations. Furthermore, to the extent any of our receivables are considered to give rise to passive income, such receivables will be considered passive assets for purposes
of the asset test. In addition, the determination of our PFIC status will depend upon the nature of the assets acquired by us. Moreover, the determination of the value of our assets may depend on our market capitalization, and that market
capitalization may fluctuate. Accordingly, there can be no assurance that we will satisfy the asset test in the current or any future year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the income test, passive income generally includes dividends, interest (including certain types of income that are equivalent
to interest), royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person), as well as gains from the sale of assets (such as stock) that produce passive income,
foreign currency gains, and certain other categories of income. If we own at least 25% (by value) of the stock of another corporation, we will be treated, for purposes of determining whether we are a PFIC, as owning our proportionate share of the
other corporation&#146;s assets and receiving our proportionate share of the other corporation&#146;s income. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">127 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we consider ourselves to be actively engaged in an active business with respect to a
number of business lines and to be engaged in an active financing activity with respect to the early payment of receivables feature that we offer merchants regarding credit card transactions in installments in particular, and we believe that income
from such businesses and features is likely not treated as passive income for purposes of the PFIC rules, it is not entirely clear how such income will be treated for these purposes. In particular, certain of our income may be treated as passive
income unless such income is eligible for an exception for certain income derived in the active conduct of a financing business under Section&nbsp;954(h) of the Code (the &#147;active financing exception&#148;), and related assets may be considered
passive assets unless the active financing exception applies. We believe that the active financing exception will likely apply to treat such income as active, but if it is determined, contrary to our view, that the income from these businesses and
features is passive for U.S. federal income tax purposes, that would alter the composition of our income and assets for purposes of testing our PFIC status, and may cause us to be treated as a PFIC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are a PFIC for any taxable year during which you hold our Class&nbsp;A common shares and you do not make a timely <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election, as described below, you will be subject to special tax rules with respect to any &#147;excess distribution&#148; received and any gain realized from a
sale or other disposition, including a pledge, of Class&nbsp;A common shares. Distributions received in a taxable year will be treated as excess distributions to the extent that they are greater than 125% of the average annual distributions received
during the shorter of the three preceding taxable years or your holding period for the Class&nbsp;A common shares. Under these special tax rules: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the excess distribution or gain will be allocated ratably over your holding period for the Class&nbsp;A common shares, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year for individuals or corporations, as applicable, and the interest charge generally applicable to
underpayments of tax will be imposed on the resulting tax attributable to each such year. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the determination of
whether we are a PFIC is made annually, if we are a PFIC for any taxable year in which you hold our Class&nbsp;A common shares, you generally will be subject to the special tax rules described above for that year and for each subsequent year in
which you hold the Class&nbsp;A common shares (even if we do not qualify as a PFIC in such subsequent years). However, if we cease to be a PFIC, you can avoid the continuing impact of the PFIC rules by making a special election to recognize gain as
if you had sold our Class&nbsp;A common shares on the last day of the last taxable year during which we were a PFIC. You are urged to consult your own tax advisor about this election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In lieu of being subject to the special tax rules discussed above, you may make a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election with respect to our Class&nbsp;A common shares provided such Class&nbsp;A common shares are treated as &#147;marketable stock.&#148; The Class&nbsp;A common shares generally will be
treated as marketable stock if they are &#147;regularly traded&#148; on a &#147;qualified exchange or other market&#148; (within the meaning of the applicable Treasury regulations), such as the NYSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you make an effective <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election, for each
taxable year that we are a PFIC you will include as ordinary income the excess of the fair market value of our Class&nbsp;A common shares at the end of the year over your adjusted tax basis in the Class&nbsp;A common shares. You will be entitled to
deduct as an ordinary loss in each such year the excess of your adjusted tax basis in the Class&nbsp;A common shares over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a
result of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election. Your adjusted tax basis in the Class&nbsp;A common shares will be increased by the amount of any income inclusion and decreased by
the amount of any deductions under the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> rules. In addition, upon the sale or other disposition of our Class&nbsp;A common shares in a year that we are a
PFIC, any gain will be treated as ordinary income and any loss will be treated as ordinary loss, but only to the extent of the net amount of previously included income as a result of the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election. If you make a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election, the tax rules that apply to distributions by corporations that
are not PFICs would apply to distributions by us, except that the reduced rate discussed above under &#147;&#151;Taxation of Dividends&#148; would not apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you make a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election, it will be effective
for the taxable year for which the election is made and all subsequent taxable years unless the Class&nbsp;A common shares are no longer regularly traded on a qualified exchange or other market, or the Internal Revenue Service consents to the
revocation of the election. You are urged to consult your tax advisor about the availability of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election, and whether making the election would be
advisable in your particular circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Alternatively, you can sometimes avoid the special tax rules described above by electing to
treat a PFIC as a &#147;qualified electing fund&#148; under Section&nbsp;1295 of the Code. However, this option is not available to you because we do not intend to comply with the requirements necessary to permit you to make this election. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">128 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are a PFIC for any taxable year during which you hold our Class&nbsp;A common shares and
any of our <FONT STYLE="white-space:nowrap">non-United</FONT> States subsidiaries is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of the PFIC rules.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are urged to consult your tax advisors about the application of the PFIC rules to any of our subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You generally will be required to file Internal Revenue Service Form 8621 if you hold our Class&nbsp;A common shares in any year in which we
are classified as a PFIC. You are urged to consult your tax advisors concerning the U.S. federal income tax consequences of holding Class&nbsp;A common shares if we are considered a PFIC in any taxable year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Taxation of Capital Gains </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For U.S.
federal income tax purposes, you will recognize taxable gain or loss on any sale or exchange of the Class&nbsp;A common shares in an amount equal to the difference between the amount realized for the Class&nbsp;A common shares and your tax basis in
the Class&nbsp;A common shares. Your initial tax basis in the Class&nbsp;A common shares will be the U.S. dollar value of the purchase price determined on the date of purchase. Subject to the discussion under &#147;&#151;Passive Foreign Investment
Company&#148; above, such gain or loss generally will be capital gain or loss and generally will be long-term capital gain or loss if you have held the Class&nbsp;A common shares for more than one year. Long-term capital gains of noncorporate United
States Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by you generally will be treated as United States source gain or loss. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup Withholding </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, information reporting will apply to dividends in respect of our Class&nbsp;A common shares and the proceeds from the sale, exchange
or other disposition of our Class&nbsp;A common shares that are paid to you within the United States (and in certain cases, outside the United States), unless you are an exempt recipient. A backup withholding tax may apply to such payments if you
fail to provide a taxpayer identification number or certification of exempt status or fail to report in full dividend and interest income. Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will
be allowed as a refund or a credit against your U.S. federal income tax liability provided the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, you should be aware that additional reporting requirements apply (including a requirement to file IRS Form 8938, Statement of
Specified Foreign Assets) with respect to the holding of certain foreign financial assets, including stock of foreign issuers which is not held in an account maintained by certain financial institutions, if the aggregate value of all of such assets
exceeds US$50,000 at the end of the taxable year or US$75,000 at any time during the taxable year. The thresholds are higher for individuals living outside of the United States and married couples filing jointly. You are encouraged to consult your
own tax advisors regarding the application of the information reporting rules to the Class&nbsp;A common shares and the application of these additional reporting requirements for foreign financial assets to their particular situations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>YOU ARE ENCOURAGED TO CONSULT YOUR OWN INDEPENDENT TAX ADVISORS TO DETERMINE THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN TAX CONSEQUENCES
OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF CLASS A COMMON SHARES. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dividends and Payments Agents </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Statements by Experts
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Documents on
Display </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Statements contained in this annual report regarding the contents of any contract or other document are not necessarily
complete, and, where the contract or other document is an exhibit to the annual report, each of these statements is qualified in all respects by the provisions of the actual contract or other documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">129 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to the informational requirements of the Exchange Act that are applicable to
foreign private issuers. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form <FONT STYLE="white-space:nowrap">20-F</FONT> and reports on Form <FONT STYLE="white-space:nowrap">6-K.</FONT>
You may inspect and copy the reports and other information to be filed with the SEC at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington D.C. 20549. Copies of the materials may be obtained from the Public
Reference Room of the SEC at 100 F Street, N.E., Washington, D.C. 20549 at prescribed rates. The public may obtain information on the operation of the SEC&#146;s Public Reference Room by calling the SEC in the United States at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-SEC-0330.</FONT></FONT></FONT> In&nbsp;addition, the SEC maintains an Internet website at http://www.sec.gov, from which you can electronically access
the registration statement and its materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a foreign private issuer, we are exempt under the Exchange Act from, among other things,
the rules prescribing the furnishing and content of proxy statements and our executive officers, directors and principal shareholders are exempt from reporting and short swing profit recovery provisions contained in Section&nbsp;16 of the Exchange
Act. In addition we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may request a copy of our SEC filings, at no cost, by contacting us at our headquarters at Av. Brigadeiro Faria Lima, 1384,
4&ordm;&nbsp;andar, parte A, S&atilde;o Paulo, SP, <FONT STYLE="white-space:nowrap">01451-001,</FONT> Brazil. Our investor relations office can be reached at +55 11 3038-8127. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Subsidiary Information </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Common Shares Eligible for Future Sale </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PagSeguro Digital has 123,119,209 Class&nbsp;A common shares issued and outstanding, and 192,020,861 Class&nbsp;B common shares issued and
outstanding. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with our initial public offering, each of our company, our executive officers and directors who hold shares in our company, and
our principal shareholder UOL, agreed not to carry out any of the following actions regarding any Class&nbsp;A common shares of our company for 180 days following January&nbsp;23, 2018, the date of our initial public offering, without first
obtaining the written consent of the underwriters to our initial public offering: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">offer, pledge, sell or contract to sell any Class&nbsp;A common shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">sell any option or contract to purchase any Class&nbsp;A common shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">purchase any option or contract to sell any Class&nbsp;A common shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any Class&nbsp;A common shares or any other securities so owned convertible into or exercisable or exchangeable for Class&nbsp;A
common shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of Class&nbsp;A common shares </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(whether any of the transactions described above are to be settled by delivery of Class&nbsp;A common shares or other securities of our company, in cash, or
otherwise), or file a registration statement with the Securities and Exchange Commission related to any of our Class&nbsp;A common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These <FONT STYLE="white-space:nowrap">lock-up</FONT> restrictions apply to Class&nbsp;A common shares of PagSeguro Digital and to securities
convertible into or exercisable or exchangeable for Class&nbsp;A common shares of PagSeguro Digital. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">130 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These <FONT STYLE="white-space:nowrap">lock-up</FONT> restrictions are, however, subject to
certain exceptions, including any issuance of Class&nbsp;A common shares by PagSeguro Digital in connection with a merger, acquisition, joint venture or&nbsp;strategic participation entered into by us, provided that (i)&nbsp;the aggregate number of
Class&nbsp;A common shares issued or issuable thereunder shall not exceed 10% of the total number of Class&nbsp;A common shares issued and outstanding as of the date of such merger, acquisition, joint venture or strategic participation, and
(ii)&nbsp;the recipient of such Class&nbsp;A common shares shall have agreed with the underwriters to our initial public offering not to carry out any of the actions described above regarding such Class&nbsp;A common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the 1,821,043 shares issued to certain members of our management under the LTIP upon completion of our initial public offering
are subject to a <FONT STYLE="white-space:nowrap">one-year</FONT> <FONT STYLE="white-space:nowrap">lock-up</FONT> period under the terms of the LTIP. Any shares that are issued under the LTIP on subsequent vesting dates during the first year after
our initial public offering will be subject to the remainder of that same <FONT STYLE="white-space:nowrap">lock-up</FONT> period, expiring one year after the closing of our initial public offering. See &#147;Item 6. Directors, Senior Management and
Employees &#150; Long-Term Incentive Plan.&#148; </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_15"></A>ITEM&nbsp;11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>General </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our activities expose us to a variety of financial risks: market risk (including currency risk and cash flow or fair value interest rate
risk), fraud risk (chargebacks), credit risk and liquidity risk. Our overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on our financial performance. We use derivative
financial instruments to hedge certain risk exposures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Among the main market risk factors that may affect the PagSeguro business are the
following: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Foreign Exchange Risk </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not
the entity&#146;s functional currency. At December&nbsp;31, 2016, we had borrowings denominated in foreign currency that were linked to derivatives (swaps). At December&nbsp;31, 2017, we did not have any borrowings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with policies of our management, derivative transactions are allowed, as long as they are hedged by a swap entered into with
prime financial institutions, for the sole purpose of hedging against risks of fluctuation in exchange or interest rates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cash Flow
and Fair Value Interest Rate Risk </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This risk arises from the derivative financial instrument (the swap) that replaces the risk of
exchange and interest rate variation associated with borrowings by the CDI. In this case, the swap&#146;s liability leg is the CDI, exposing us to variations in this interest rate. For better risk management, we choose to enter into borrowings and
derivatives with short-term maturities, which enable a better management of the rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, if CDI interest rates
had been 0.25% higher/lower with all other variables held constant, profit for the year would have been R$0.5&nbsp;million lower/higher, as a result of higher/lower interest expenses linked to the swap&#146;s liability leg. The equivalent
lower/higher values for both 2017 and 2015 would have been zero, since no swaps were in place during those periods. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Fraud Risk
(Chargebacks) </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our sales transactions are susceptible to potentially fraudulent or improper sales. We use the following two main
procedures to control fraud risk: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The first procedure consists of monitoring, on a real time basis, transactions carried out using credit
and debit cards and <I>boletos</I> through an anti-fraud system. This process approves or rejects suspicious transactions at the time of the authorization, based on statistical models that are revised on an ongoing basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The second procedure detects chargebacks and disputes not identified by the first procedure. This is a complementary procedure and increases
our ability to avoid and manage chargebacks. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">131 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Credit Risk </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Credit risk is managed on a group basis. This risk is limited to the possibility of default by (a)&nbsp;card issuers, who are required to
transfer the fees charged for transactions carried out by their card holders to the credit and debit card schemes, and/or (b)&nbsp;acquirers, which we use to approve transactions with card issuers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to mitigate this risk, we have established a Credit and Liquidity Risk Committee, whose responsibility is to assess the level of risk
of each card issuer served by us, classifying them into three groups: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">card issuers presenting a low level of risk, who have credit ratings assigned by Fitch, S&amp;P or Moody&#146;s and who do not require additional monitoring; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">card issuers presenting a medium level of risk, who are monitored in accordance with Basel requirements and property, plant and equipment ratios; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">card issuers presenting a high level of risk, who are assessed by the Credit and Liquidity Risk Committee at monthly meetings. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No credit limits were exceeded in 2017, 2016 or 2015. Management does not expect any losses from
<FONT STYLE="white-space:nowrap">non-performance</FONT> by these counterparties in addition to the amounts already recognized as chargebacks, presented as fraud risk. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Liquidity Risk </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We manage liquidity risk by maintaining reserves, bank and credit lines to obtain borrowings when deemed appropriate. We continuously monitor
actual and projected cash flows, and match the maturity profile of our financial assets and liabilities in order to ensure we have sufficient funds to honor our obligations to third parties and meet our operational needs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We invest surplus cash in interest-bearing financial investments, choosing instruments with appropriate maturity or sufficient liquidity to
provide adequate margins as determined by the forecasts. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_16"></A>ITEM&nbsp;12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_17"></A>ITEM&nbsp;13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_18"></A>ITEM&nbsp;14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Use
of Proceeds </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;19, 2018, the Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-222292)</FONT> relating to our initial public offering of our Class&nbsp;A common shares, was declared effective by the SEC. On January&nbsp;23, 2018, we commenced our initial public offering. On
January&nbsp;26, 2018, we closed our initial public offering, pursuant to which we issued and sold 50,925,642 Class&nbsp;A common shares and UOL sold 70,267,746 Class&nbsp;A common shares. Goldman Sachs&nbsp;&amp; Co. LLC and Morgan
Stanley&nbsp;&amp; Co. LLC acted as the representatives of the underwriters in our initial public offering. The 121,193,388 registered Class&nbsp;A common shares were sold to the public at a price of $21.50 per Class&nbsp;A common share, for an
aggregate price of US$2,265,789,433. We incurred approximately US$5.3&nbsp;million in expenses related to our initial public offering and paid approximately US$91.2&nbsp;million in underwriting discounts and commissions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">132 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The net proceeds to PagSeguro Digital from the sale of Class&nbsp;A common shares in our initial
public offering were approximately US$1,045.8&nbsp;million, after deducting underwriting discounts and commissions and estimated expenses payable by us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We currently plan to use the net proceeds from our initial public offering to finance working capital, particularly the early payment of
receivables feature that we offer merchants, and to fund future selective acquisitions and investments in businesses, technologies or products that are complementary to our business. Any remaining net proceeds will be used for other general
corporate purposes. Our management will have broad discretion in allocating the net proceeds from our initial public offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We did not
receive any proceeds from the sale of common shares by UOL in our initial public offering. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_19"></A>ITEM&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CONTROLS AND PROCEDURES </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Disclosure Controls and Procedures </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure
controls and procedures as of December&nbsp;31, 2017. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the
controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer
concluded that our disclosure controls and procedures were effective as of December&nbsp;31, 2017 to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our Management, including our chief executive officer and chief financial officer, as
appropriate to allow timely decisions regarding required disclosure. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Management&#146;s Report on Internal Control over Financial Reporting
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report does not include a report of management&#146;s assessment regarding internal control over financial reporting
due to a transition period established by rules of the Securities and Exchange Commission for newly public companies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Attestation Report of the
Registered Public Accounting Firm </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This annual report does not include an attestation report of our registered public accounting
firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies and due to our status as an emerging growth company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Changes in internal control over financial reporting </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_20"></A>ITEM&nbsp;16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>[RESERVED] </B></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_21"></A>ITEM&nbsp;16A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>AUDIT COMMITTEE FINANCIAL EXPERT </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At our board meeting held on January&nbsp;8, 2018, we
established an audit committee, as defined under section&nbsp;3(a)(58) of the Exchange Act. Our board of directors has determined that Eduardo Alcaro qualifies as an &#147;audit committee financial expert&#148; as defined for the purposes of this
Item&nbsp;16A in Item&nbsp;16 of Form&nbsp;20&nbsp;F. Eduardo Alcaro is not an &#147;independent director&#148; within the meaning of the SEC rules. The composition of our audit committee complies with the requirements of the NYSE rules pursuant to
the <FONT STYLE="white-space:nowrap">phase-in</FONT> rules for newly listed companies. For more information, see &#147;Item 6. Directors, Senior Management and Employees&#151;&#151;Audit Committee.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">133 </P>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_22"></A>ITEM&nbsp;16B.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CODE OF ETHICS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We consider ethics to be an essential value for our reputation and
longevity. PagSeguro Ditigal, including all of our employees, is subject to UOL&#146;s Code of Ethics and Conduct, or the Code of Ethics. We will report each year under Item&nbsp;16B of our annual report on
<FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> any waivers of the Code of Ethics, in favor of our principal executive officer, chief financial officer, principal accounting officer and persons performing similar functions. The Code of Ethics
governs all relations between companies in the UOL group and their stakeholders (shareholders, clients, employees, suppliers, service providers, governments, communities and society). A copy of the Code of Ethics is available on our website at
http://investors.pagseguro.com/Cache/1500109327.PDF?O=PDF&amp;T=&amp;Y=&amp;D=&amp;FID=1500109327&amp;iid=9282297 (This URL is intended to be an inactive textual reference only. It is not intended to be an active hyperlink to our website. The
information on our website, which might be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be, incorporated into this annual report). </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_23"></A>ITEM&nbsp;16C.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Principal Accountant Fees and Services </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Audit and <FONT STYLE="white-space:nowrap">Non-Audit</FONT>
Fees </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the fees billed to us by our independent registered and public accounting firm during the years
ended December&nbsp;31, 2017 and 2016. Our independent accounting firm was PricewaterhouseCoopers Auditores Independentes for the years ended December&nbsp;31, 2017 and 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year ended<BR>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(in thousands of<BR></B><B><I>reais</I></B><B>)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit fees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,211.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">183.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Audit-related</FONT> fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">All other fees<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">196.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,407.6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>443.4</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">&#147;Audit Fees&#148; include fees for (i)&nbsp;the audit of our annual consolidated financial statements for the years ended December&nbsp;31, 2017, 2016 and 2015, prepared in accordance with IFRS, as issued by the
IASB, (ii)&nbsp;the review of our interim financial statements for the <FONT STYLE="white-space:nowrap">six-month</FONT> periods ended June&nbsp;30, 2017 and 2016 and for the nine-month periods September&nbsp;30, 2017 and 2016 and (iii)&nbsp;the
preparation and issuance of comfort letters in connection with our initial public offering. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">&#147;All other fees&#148; include fees for services related to the reconciliation of transactions and amounts with credit card issuers. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Audit Committee <FONT STYLE="white-space:nowrap">Pre-Approval</FONT> Policies and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the requirements of the US Sarbanes-Oxley Act of 2002 and rules issued by the Securities and Exchange Commission, in connection with the
establishment of our audit committee (which was undertaken as a result of our initial public offering in January 2018), we introduced a procedure for the review and <FONT STYLE="white-space:nowrap">pre-approval</FONT> of any services performed by
PricewaterhouseCoopers Auditores Independentes, including audit services, audit related services, tax services and other services. The procedure requires that all proposed engagements of PricewaterhouseCoopers Auditores Independentes for audit and
permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services are submitted to the audit committee for approval prior to the beginning of any such services. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_24"></A>ITEM&nbsp;16D.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the listed company
audit committee rules of the NYSE and the SEC, we must comply with Exchange Act <FONT STYLE="white-space:nowrap">Rule&nbsp;10A-3,</FONT> which requires that we establish an audit committee composed of members of the Board of Directors that meets
specified requirements. The composition of our audit committee complies with the requirements of the NYSE rules pursuant to the <FONT STYLE="white-space:nowrap">phase-in</FONT> rules for newly listed companies. Pursuant to these rules, one member of
our audit committee must satisfy the audit committee member independence and other qualification requirements at the time of listing. Within one year following the completion of our initial public offering, we expect that all members of our audit
committee will either satisfy the independence requirements of the SEC and NYSE applicable to audit committees of foreign private issuers or will qualify for an exemption under applicable rules, with the
<FONT STYLE="white-space:nowrap">Rule&nbsp;10A-3</FONT> exemption. Our audit committee will comply with these requirements by the applicable deadlines. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">134 </P>


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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_25"></A>ITEM&nbsp;16E.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_26"></A>ITEM&nbsp;16F.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CHANGE IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_27"></A>ITEM&nbsp;16G.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CORPORATE GOVERNANCE </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Significant Differences between our Current Corporate Governance Practices and
the U.S. Corporate Governance&nbsp;Standards </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are subject to the NYSE corporate governance listing standards. As a foreign private
issuer, however, the standards applicable to us are considerably different from the standards that apply to U.S.&nbsp;listed companies. Under the NYSE rules, as a foreign private issuer, we may follow the &#147;home country&#148; practice of the
Cayman Islands, except that we are required (a)&nbsp;to have an audit committee or audit board that meets certain requirements, pursuant to an exemption available to foreign private issuers (subject to the
<FONT STYLE="white-space:nowrap">phase-in</FONT> rules described above under &#147;Item&nbsp;6. Directors, Senior Management and Employees&#151;&#151;Audit Committee&#148;) (b)&nbsp;to provide prompt certification by our chief executive officer of
any material <FONT STYLE="white-space:nowrap">non-compliance</FONT> with any corporate governance rules; and (c)&nbsp;to provide a brief description of the significant differences between our corporate governance practices and the NYSE corporate
governance practice required to be followed by U.S.&nbsp;listed companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A summary of the significant differences between our corporate
governance practices and those required of U.S. listed companies is included below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Majority of Independent Directors </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The NYSE rules applicable to U.S. companies require a majority of the board of directors to be comprised of Independent Directors.
Independence is defined by various criteria, including the absence of a material relationship between the director and the listed company. This is not required by the laws of the Cayman Islands. While our directors meet the qualification
requirements of Cayman corporate law, we do not believe that a majority of our directors would be considered independent under the NYSE test for director independence. Currently, two of our directors, Noemia Gushiken and Marcos de Barros Lisboa are
independent. Within one year of the date of our initial public offering, three of our seven directors are expected to be independent. We intend to appoint one additional independent board member within one year following our initial offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Compensation committee </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The NYSE rules applicable to U.S. companies require the company to have, and to certify that it has and will continue to have, a compensation
committee composed entirely of independent directors and governed by a written charter addressing the committee&#146;s required purpose and detailing its required responsibilities. This is not required by the laws of the Cayman Islands. Our board of
directors is responsible for determining the individual compensation of each executive officer, as well as the compensation of our board and committee members. In making such determinations, the board will review the performance of our executive
officers, including the performance of our principal executive officer, who will be required to excuse <FONT STYLE="white-space:nowrap">him-</FONT> or herself from discussions regarding his or her performance and compensation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">135 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_28"></A>ITEM&nbsp;16H.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>MINE SAFETY DISCLOSURE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_29"></A>ITEM&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FINANCIAL STATEMENTS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_30"></A>ITEM&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FINANCIAL STATEMENTS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See pages F&nbsp;1 through F&#151;47, incorporated herein by
reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B><A NAME="toc450340_31"></A>ITEM&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>EXHIBITS </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:11.80pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.1**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312518007476/d417437dex31.htm">Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit&nbsp;3.1 of Form <FONT
STYLE="white-space:nowrap">F-1/A</FONT> filed on January&nbsp;10, 2018). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex101.htm">English translation of the Agreement for the Supply of Equipment &#150; PIN pad Terminals, dated as of June&nbsp;
26, 2014, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., CIS Eletr&ocirc;nica Ind&uacute;stria e Com&eacute;rcio Ltda., and Net+Phone Telecomunica&ccedil;&otilde;es Ltda., including 1st Addendum to the Agreement for the Supply of Equipment,
 dated as of October&nbsp;21, 2014, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., CIS Eletr&ocirc;nica Ind&uacute;stria e Com&eacute;rcio Ltda., Densam da Amaz&ocirc;nia Industria Eletr&ocirc;nica Ltda., and Net+Phone
Telecomunica&ccedil;&otilde;es Ltda.; 2nd Addendum to the Agreement for the Supply of Equipment, dated as of July&nbsp;3, 2015, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., CIS Eletr&ocirc;nica Ind&uacute;stria e
Com&eacute;rcio Ltda., Densam da Amaz&ocirc;nia Industria Eletr&ocirc;nica Ltda., Transire Fabrica&ccedil;&atilde;o de Componentes Eletr&ocirc;nicos Ltda., and Net+Phone Telecomunica&ccedil;&otilde;es Ltda.; 3rd Addendum to the Agreement for the
Supply of Equipment, dated as of October&nbsp;8, 2015, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., Transire Fabrica&ccedil;&atilde;o de Componentes Eletr&ocirc;nicos Ltda., and Net+Phone Telecomunica&ccedil;&otilde;es Ltda.;
Statement of Liability for the Application Signer&#146;s Use on PAX Terminals, dated as of March&nbsp;9, 2016, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda. and Net+Phone Telecomunica&ccedil;&otilde;es Ltda.; 4th Addendum to the
Agreement for the Supply of Equipment, dated as of May&nbsp;20, 2016, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., Transire Fabrica&ccedil;&atilde;o de Componentes Eletr&ocirc;nicos Ltda., and Net+Phone
Telecomunica&ccedil;&otilde;es Ltda.; 5th Addendum to the Agreement for the Supply of Equipment, dated as of December&nbsp;9, 2016, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., Transire Fabrica&ccedil;&atilde;o de Componentes
Eletr&ocirc;nicos Ltda., and Net+Phone Telecomunica&ccedil;&otilde;es Ltda.; 6th Addendum to the Agreement for the Supply of Equipment, dated as of February&nbsp;6, 2017, among PAX BR Comercio de Equipamentos de Inform&aacute;tica Ltda., Transire
Fabrica&ccedil;&atilde;o de Componentes Eletr&ocirc;nicos Ltda., and Net+Phone Telecomunica&ccedil;&otilde;es Ltda. (incorporated by reference to Exhibit&nbsp;10.1 of <FONT STYLE="white-space:nowrap">Form&nbsp;F-1</FONT> filed on December&nbsp;26,
2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex102.htm">English translation of the Colocation Agreement, dated as of January&nbsp;
1, 2017, between Pagseguro Internet S.A. and UOL Diveo Tecnologia Ltda., including Commercial Proposal &#150; Colocation Center &#150; <FONT STYLE="white-space:nowrap">OPT-17/21630,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Technical Proposal &#150; Glete Colocation Datacenter, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Commercial Proposal &#150; Tambor&eacute; Colocation Center &#150; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">OPT-17-17/21632,</FONT></FONT> dated as of January&nbsp;1,
 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; and Technical Proposal &#150; Tambor&eacute; Colocation Datacenter, dated as of January&nbsp;1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda. (incorporated by
reference to Exhibit 10.2 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">136 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:11.80pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex103.htm">English translation of the Hosting Agreement, dated as of January&nbsp;
1, 2017, between Pagseguro Internet S.A. and UOL Diveo Tecnologia Ltda., including Commercial Proposal &#150; Hosting/APM &#150; <FONT STYLE="white-space:nowrap">OPT-17/21629,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Technical Proposal &#150; Hosting &#150; Tambor&eacute; DTC&nbsp;&amp; Licensing Service and Dynatrace Support &#150; RUXIT, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Commercial Proposal &#150; DDos Protection &#150; <FONT STYLE="white-space:nowrap">OPT-17/21631,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Technical Proposal &#150; DDoS Protection, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Commercial Proposal &#150; WAF &#150; Web Application Firewall &#150; <FONT STYLE="white-space:nowrap">OPT-17/21635,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Technical Proposal &#150; WAF &#150; Web Application Firewall, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Commercial Proposal &#150; Brand Protection &#150; <FONT STYLE="white-space:nowrap">OPT-17/21636,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Technical Proposal &#150; Brand Protection, dated as of January&nbsp;1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; Commercial Proposal &#150; BPAG&nbsp;
&amp; NOTANET &#150; <FONT STYLE="white-space:nowrap">OPT-17/21638,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; and Technical Proposal &#150; Payment Means Management Services, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda. (incorporated by reference to Exhibit 10.3 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.4<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex104.htm">English translation of the Service Agreement, dated as of January&nbsp;
1, 2017, between Pagseguro Internet S.A. and UOL Diveo Tecnologia Ltda., including Commercial Proposal &#150; Allocation of Resources &#150; <FONT STYLE="white-space:nowrap">OPT-17/21087,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; and Technical Proposal &#150; Allocation of Resources, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda. (incorporated by reference to Exhibit 10.4 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.5<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex105.htm">English translation of the Telecommunications Service Agreement, dated as of January&nbsp;
1, 2017, between Pagseguro Internet S.A. and UOL Diveo Tecnologia Ltda., including Commercial Proposal &#150; TELECOM Services, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; and Technical Proposal &#150; <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Lan-to-Lan</FONT></FONT> between Data Centers &#150; <FONT STYLE="white-space:nowrap">
<FONT STYLE="white-space:nowrap">Lan-to-Lan,</FONT></FONT> dated as of January&nbsp;1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda. (incorporated by reference to Exhibit 10.5 of Form <FONT STYLE="white-space:nowrap">F-1</FONT>
filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.6<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex106.htm">License Agreement, dated as of June&nbsp;
18, 2015, between MasterCard International Incorporated and Pagseguro Internet Ltda., including the Acceptance Letter, dated as of June&nbsp;
18, 2015, from MasterCard International Incorporated to Pagseguro Internet Ltda.; the Summary of Licenses Granted, dated as of June&nbsp;18, 2015; and Supplement to MasterCard License Agreement, effective as of March&nbsp;
11, 2015, between MasterCard International Incorporated and Pagseguro S.A. (incorporated by reference to Exhibit 10.6 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.7<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6.5pt">&#134;</FONT></SUP>**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex107.htm">English translation of the Service Agreement, dated as of January&nbsp;
1, 2017, between Pagseguro Internet S.A. and UOL Diveo Tecnologia Ltda., including Commercial Proposal &#150; Managed Services &#150; <FONT STYLE="white-space:nowrap">OPT-17/21628,</FONT> dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda.; and Technical Proposal &#150; IT Asset Management and Monitoring, dated as of January&nbsp;
1, 2017, from UOL Diveo Tecnologia Ltda. to Pagseguro Internet Ltda. (incorporated by reference to Exhibit 10.7 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">137 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:11.80pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.8**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex108.htm">Visa Payment Arrangements Participation and Trademark License Agreement, dated as of April&nbsp;
23, 2015, between Visa do Brasil Empreendimentos Ltda. and Pagseguro Internet Ltda. (incorporated by reference to Exhibit 10.8 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.9**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex109.htm">Advertising Space Assignment Agreement for Insertion of Advertisements, dated as of August&nbsp;
1, 2015, by and between Universo Online S.A. and Pagseguro Internet Ltda., including 1st Addendum to the Advertising Space Assignment Agreement for Insertion of Advertisements, dated as of January&nbsp;
1, 2017 and UOL &#150; Table of Prices &#150; August 2016. (incorporated by reference to Exhibit 10.9 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.10**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex1010.htm">English translation of the Long-Term Incentive Plan (LTIP) Restricted Shares Plan &#150; Universo Online S.A., dated as of July&nbsp;
29, 2015. (incorporated by reference to Exhibit 10.10 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26, 2017).</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.11**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex1011.htm">Form of Indemnification Agreement (incorporated by reference to Exhibit 10.11 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26,
 2017).</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.1**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex211.htm">Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;26,
 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.1**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312518110001/d450340dex111.htm">English translation of the UOL Code of Ethics and Conduct.</A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d580307dex121.htm">Certification of Luis Frias, Principal Executive Officer, Pursuant to Section&nbsp;302 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002. </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d580307dex122.htm">Certification of Eduardo Alcaro, Chief Financial and Investor Relations Officer and Chief Accounting Officer, Pursuant to Section&nbsp;
302 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002. </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d580307dex131.htm">Certification of Luis Frias, Principal Executive Officer, Pursuant to Section&nbsp;906 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002. </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d580307dex132.htm">Certification of Eduardo Alcaro, Chief Financial and Investor Relations Officer and Chief Accounting Officer, Pursuant to Section&nbsp;
906 of the <FONT STYLE="white-space:nowrap">Sarbanes-Oxley</FONT> Act of 2002. </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">99.1**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1712807/000119312517378788/d417437dex991.htm">Consent of Datafolha (incorporated by reference to Exhibit 99.1 of Form <FONT STYLE="white-space:nowrap">F-1</FONT> filed on December&nbsp;
26, 2017). </A></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">101.INS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">XBRL Instance Document</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">101.SCH</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">XBRL Taxonomy Extension Schema Document</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">101.CAL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Calculation Linkbase Document</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">101.DEF</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Definition Linkbase Document</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">101.LAB</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Label Linkbase Document</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">101.PRE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Presentation Linkbase Document</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(&#134;)</TD>
<TD ALIGN="left" VALIGN="top">Portions of this exhibit have been omitted pursuant to the Registrant&#146;s request for confidential treatment. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(**)</TD>
<TD ALIGN="left" VALIGN="top">Previously filed. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">138 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc450340_32"></A>GLOSSARY OF TERMS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;ABECS&#148; means the Brazilian Association of Credit Card and Services Companies (<I>Associa&ccedil;&atilde;o Brasileira de Empresas de
Cart&otilde;es de Cr&eacute;dito e Servi&ccedil;os</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;ABRANET&#148; means the Brazilian Internet Association
(<I>Associa&ccedil;&atilde;o Brasileira de Internet</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;acquirer&#148; means a payment institution that does not manage payment
accounts, but enables merchants to&nbsp;accept payment cards issued by a payment institution or by a financial institution that participates in a card scheme. The acquirer receives the card transaction details from the merchant&#146;s terminal,
passes them to the card issuer via the card scheme for authorization, and completes the processing of the transaction. The acquirer arranges settlement of the card transaction and credits the merchant&#146;s bank account with the funds in accordance
with its service agreement with the merchant. The acquirer also deals with any chargebacks that may be received via the card issuer regarding consumer transactions with merchants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;active merchant&#148; means a merchant that has completed at least one transaction during the 12 months prior to a specified date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;average spending per active merchant&#148; is calculated by dividing our total TPV for a specified period by the number of active
merchants in such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>boleto</I>&#148; means a printable document issued by merchants that is used to make payments in
Brazil. <I>Boletos</I> can be used to pay bills for products or services, utilities or taxes. Each <I>boleto</I> refers to&nbsp;a specific merchant and customer transaction, and includes the merchant&#146;s name, customer information, expiration
date and total amount due, plus a serial number that identifies the account to be&nbsp;credited and a barcode so the entire document can be read and processed by a Brazilian ATM. A<I>&nbsp;boleto</I> can be paid in cash at a bank teller, at an ATM,
or by bank transfer. PagSeguro&#146;s payment platform and merchant account can be used to pay <I>boletos</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Brazilian Payments
System&#148; (<I>Sistema de Pagamentos Brasileiro,</I> or SPB) refers to all the entities, systems and procedures related to the clearing and settlement of funds transfer, foreign currency operations, financial assets, and securities transactions in
Brazil. The SPB includes systems in charge of check clearing; the clearing and settlement of electronic debit and credit orders, funds transfer, and other financial assets; the clearing and settlement of securities transactions; the clearing and
settlement of commodities and futures transactions; and, since the introduction of Law No.&nbsp;12,865/13 of May&nbsp;17, 2013, payment schemes and payment institutions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;CAGED&#148; means Brazil&#146;s General Registry of the Employed and Unemployed Workers (<I>Cadastro Geral de Empregados e
Desempregados</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;card scheme&#148; means a payment network using payment cards, such as debit or credit cards. Any&nbsp;bank
or&nbsp;any other eligible institution can become a member of a card scheme, allowing it to issue payment cards operating on the card scheme. The card scheme passes card transaction details from the acquirer to the issuer and&nbsp;passes payments
back to the acquirer, which in turn pays the merchant. MasterCard and Visa are major card&nbsp;schemes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Chargeback&#148; refers to
a claim where the consumer makes a purchase using a payment card and subsequently requests a reversal of the transaction amount from the card issuer on the basis of a commercial claim (for example, if&nbsp;the goods are not delivered, or are
delivered damaged). Chargebacks occur more frequently in online transactions than in <FONT STYLE="white-space:nowrap">in-person</FONT> transactions, and more frequently for goods than for services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Chargebacks related to fraudulent transactions&#148; refers to chargebacks where the consumer&#146;s request for a reversal of the
transaction amount is related to an illegitimate transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;eWallet&#148; is a digital wallet that offers customers the ability
to make payments online using a variety of payment methods, including cards, without having to type in the card details each time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;FIDC&#148; means <I>Fundo de Investimento em Direitos Credit&oacute;rios</I> (Fund for Investment in Receivables), a type of investment
fund established under Brazilian law composed of receivables. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">139 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;GPRS&#148; means &#147;General Packet Radio Service&#148;, a packet-based wireless
communication service on the 2G and 3G cellular communication systems that provides continuous connection to the Internet for mobile phone and computer users. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Grupo Folha&#148; means the group of companies of which PagSeguro is a part. Grupo Folha also includes the newspaper Folha de S. Paulo;
the eCommerce logistics companies Transfolha and SPDL; the research company Datafolha; the printing company Plural; the digital content and products companies UOL, UOL Host and UOL Ad_Lab; the <FONT STYLE="white-space:nowrap">e-learning</FONT>
company UOL Edtech; and the cloud and information technology, or IT, infrastructure services company UOL Diveo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Individual Micro
Entrepreneurs&#148; refers to businesses operated by individuals with annual gross revenues of up to R$60,000, as determined in accordance with the standard segmentation of Brazilian businesses by size under Brazilian Law No.&nbsp;123/2006, known as
the General Law on Micro and Small Enterprises, as amended, and the Brazilian tax code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Large Companies&#148; refers to legal
entities with annual gross revenues in excess of R$78&nbsp;million. This commonly-used definition in Brazil refers to companies that are not eligible for the deemed profit (<I>lucro presumido</I>) taxation regime under Brazilian Law
No.&nbsp;9,718/1998, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;MDR&#148; means merchant discount rate, a commission that we withhold from the transaction value
paid to the merchant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;meal voucher card&#148; refers to a labor benefit included in Brazilian employment contracts, where employers
provide cash for employee meals on a <FONT STYLE="white-space:nowrap">tax-efficient</FONT> basis. The employer deposits the benefit to a prepaid card held by the employee, and the employee can use the balance on the card to make purchases in
restaurants and grocery stores. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#147;Medium-Sized</FONT> Companies&#148; refers to legal entities with
annual gross revenues of between R$3.6&nbsp;million and R$78&nbsp;million. This commonly-used definition in Brazil refers to companies that are eligible for the deemed profit (<I>lucro presumido</I>) taxation regime under Brazilian Law
No.&nbsp;9,718/1998, as&nbsp;amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Micro Companies&#148; refers to legal entities with annual gross revenues of up to R$360,000,
as determined in accordance with the standard segmentation of Brazilian businesses by size under Brazilian Law No.&nbsp;123/2006, known as the General Law on Micro and Small Enterprises, as amended, and the Brazilian tax code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Micro-Merchant&#148; means Micro Companies and Individual Micro Entrepreneurs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Mobile Payments&#148; refers to the payment method where a mobile phone is used to complete payment (with payment information being
transmitted in real-time), instead of simply as an alternative channel to send payment instructions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;mPOS&#148; means mobile POS.
mPOS devices are similar to POS devices, but they require the merchant&#146;s cell phone in order to function and accept payments. mPOS devices connect to a merchant&#146;s cell phone network by Bluetooth. As an example, the Minizinha is an mPOS
device. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;NFC&#148; means near-field communication. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Portal do Empreendedor&#148; means the Entrepreneur&#146;s Portal &#150; Individual Micro Entrepreneur (<I>Portal do Empreendedor &#150;
Microempreendedor Individual</I>), a Brazilian government web portal for Individual Micro Entrepreneurs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;POS&#148; means point of
sale. POS devices allow merchants to accept payments where a sale is made, whether inside an establishment or outside on the street. POS includes mPOS, although various features differentiate the two systems. As an example, the Moderninha Pro is a
POS device. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;SDK&#148; means software development kit, which is typically a set of software development tools that allows for the
creation of applications for software packages or frameworks, hardware platforms, computer or operating systems or similar development platforms. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">140 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;SEBRAE&#148; means the Brazilian Micro and Small Businesses Support Service
(<I>Servi&ccedil;o Brasileiro de Apoio &agrave;s Micro e Pequenas Empresas</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Small Companies&#148; refers to legal entities
with annual gross revenues of above R$360,000 and up to R$3.6&nbsp;million, as determined in accordance with the standard segmentation of Brazilian businesses by size under Brazilian Law No.&nbsp;123/2006, known as the General Law on Micro and Small
Enterprises, as amended, and the Brazilian tax code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;SMEs&#148; refers to Small Companies and
<FONT STYLE="white-space:nowrap">Medium-Sized</FONT> Companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;TPV&#148; means total payment volume, being the value of payments
successfully processed through our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> digital ecosystem, net of payment reversals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="toc450340_51"></A>&#147;unique visitor&#148; refers to a person who visits a website at least once in a predetermined time period,
typically 30 days. Each visitor to the website is only counted once during the relevant period (i.e., if the same IP address accesses the website several times, it only counts as one visitor). </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">141 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc450340_33"></A>SIGNATURES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of Section&nbsp;12 of the Securities Exchange Act of 1934, the registrant, PagSeguro Digital Ltd., hereby
certifies that it meets all of the requirements for filing on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> and that it has duly caused this Amendment No. 1 to the annual report to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of S&atilde;o Paulo, Brazil, on May&nbsp;4, 2018. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eduardo Alcaro</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Eduardo Alcaro</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief&nbsp;Financial&nbsp;and&nbsp;Investor&nbsp;Relations&nbsp;Officer, Chief Accounting Officer and Director</TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">142 </P>


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 <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B>Consolidated Financial Statements at </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B>December&nbsp;31,
2017 and 2016 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B>and Report of Independent Registered </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B>Public Accounting Firm </B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-1 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated financial statements </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>at December&nbsp;31,
2017 and 2016 </B></P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contents </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consolidated financial statements </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_7">Report of independent registered public accounting firm</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_1">Consolidated balance sheets</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_2">Consolidated statements of income</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_3">Consolidated statements of comprehensive income</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_4">Consolidated statements of changes in equity</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_5">Consolidated statements of cash flows</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin_toc546658_6">Notes to the consolidated financial statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-2 </P>


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 <P STYLE="margin-top:96pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_7"></A>Report of independent registered public accounting firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Board of Directors and Stockholders </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pagseguro Digital
Ltd. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion on the financial statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have
audited the accompanying consolidated balance sheets of Pagseguro Digital Ltd. (the &#147;Company&#148;) and its subsidiaries as of December 31, 2017 and 2016, and the related consolidated statements of income and comprehensive income, of changes in
equity and of cash flows for each of the three years in the period ended December 31, 2017, including the related notes (collectively referred to as the &#147;consolidated financial statements&#148;). ln our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2017
in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Basis for opinion </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on the
Company&#146;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#147;PCAOB&#148;) and are required to be independent with respect
to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s
internal control over financial reporting. Accordingly, we express no such opinion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our audits included performing procedures to assess the risks of
material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We
believe that our audits provide a reasonable basis for our opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&atilde;o Paulo, March 7, 2018 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers Auditores Independentes </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have served as the Company&#146;s auditor since 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-3 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_1"></A>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated balance sheets </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>At December 31 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais) </B></P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:29.85pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,239</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,522,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,715,514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Receivables from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes recoverable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,703</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,495</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,027,953</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,270,752</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">NON-CURRENT</FONT> ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Judicial deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,889</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,868</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total <FONT STYLE="white-space:nowrap">non-current</FONT> assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>207,804</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>99,651</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,235,757</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,370,403</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated balance sheets </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>At December 31 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais) </B></P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:102.40pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>LIABILITIES AND EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CURRENT LIABILITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,080,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,304,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,719</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries and social charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,269</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,269</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes and contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,064</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,911</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends payable and interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,318,967</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,719,163</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,590</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total <FONT STYLE="white-space:nowrap">non-current</FONT> liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>46,399</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24,378</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">524,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">524,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity valuation adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit retention reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>866,895</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><B>626,862</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,496</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>870,391</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>626,862</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TOTAL LIABILITIES AND EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,235,757</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,370,403</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these consolidated financial statements. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_2"></A>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated statements of income </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Year ended December
31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenue from transaction activities and other services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,224,261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">480,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">268,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenue from sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">471,924</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">260,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">818,624</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">392,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">219,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenue and income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,523,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,138,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">674,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales and services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,324,380</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(623,667</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(382,483</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selling expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(245,759</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(199,937</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162,642</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153,177</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(84,461</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,129</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104,544</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68,301</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,696</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other (expenses) income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,021</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,345</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>PROFIT BEFORE INCOME TAXES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">683,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(214,988</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,431</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,587</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INCOME TAX AND SOCIAL CONTRIBUTION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(204,710</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,580</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,826</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET INCOME FOR THE YEAR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attributable to:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Owners of the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted earnings per common share &#150; R$</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_3"></A>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated statements of comprehensive income </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Years
ended December 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET INCOME FOR THE YEAR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Currency translation adjustment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total comprehensive income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Attributable to</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Owners of the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,836</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_4"></A>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated statements of changes in equity </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All
amounts in thousands of reais) </B></P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Profit reserve</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Share</B><br><B>capital</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net parent</B><br><B>investment</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Legal</B><br><B>reserve</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity<BR>valuation</B><br><B>adjustments</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Profit<BR>retention</B><br><B>reserve</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Retained</B><br><B>earnings</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Non-controlling</FONT></B><br><B>interests</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>equity</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AT DECEMBER&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,568</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">381,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">424,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">426,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,873</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,082</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Constitution of legal reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit retention reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,209</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassification of net parent investment in connection with separation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">399,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(399,048</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AT DECEMBER&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">441,616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,730</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">459,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">461,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">593</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> acquisition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,779</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capital increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,654</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payout capitalization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,384</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(267</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Constitution of legal reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,787</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,059</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,059</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,059</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit retention reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(83,881</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AT DECEMBER&nbsp;31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">524,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">626,862</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">626,862</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Currency translation adjustment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> acquisition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Constitution of legal reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,939</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(96,008</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(142,795</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(238,803</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(238,803</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit retention reserve</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(312,047</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AT December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">524,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,047</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">866,895</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,496</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">870,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_5"></A>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consolidated statements of cash flows </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Years ended
December 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Profit before income taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">683,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Expenses (revenues) not affecting cash:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss of fixed assets sold</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chargebacks</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,557</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrual/(reversal) of provision for contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,134</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized loss on derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial cost, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,902</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Changes in operating assets and liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,060,875</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(783,954</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(552,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40,586</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,090</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes recoverable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,760</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,495</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,912</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,046</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,776,538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">620,940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">313,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,430</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,836</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Receivables from (payables to) related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(64,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(214,549</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries and social charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes and contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,109</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,867</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>420,616</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(51,298</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(31,061</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax and social contribution paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(166,389</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,059</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,690</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">146,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,175</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET CASH PROVIDED BY OPERATING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>453,615</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>76,989</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>47,598</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amounts paid for business acquisitions, net of cash acquired</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,225</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchases of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,873</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,996</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,219</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchases and development of intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(99,673</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70,394</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,880</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of financial investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(209,569</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(337,098</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redemption of financial investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">206,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET CASH USED IN INVESTING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(207,233</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(203,298</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(41,909</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(199,480</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,831</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Distribution of dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54,273</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(259,584</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>199,390</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(13,202</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>73,081</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>5,689</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at the beginning of the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at the end of the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin_toc546658_6"></A>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>General information </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Digital Ltd. (&#147;PagSeguro Digital&#148;), a subsidiary of Universo
Online S.A. (&#147;UOL&#148;), referred to together with its subsidiaries as &#147;PagSeguro Group&#148;, was incorporated on July&nbsp;19, 2017. As described in Note 8 &#150; Subsequent events, on January&nbsp;4, 2018, Pagseguro Internet S.A.
(&#147;PagSeguro Brazil&#148;) was contributed to PagSeguro Digital, PagSeguro Brazil no longer presents consolidated financial statements. PagSeguro Digital has control of 99.99% of the shares of PagSeguro Brazil. Refer to Note 8 for further
details. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil is a privately-held corporation established on January&nbsp;20, 2006, headquartered in the city of S&atilde;o Paulo, Brazil,
and engaged in providing financial technology solutions and services and the corresponding related activities, focused principally on micro-merchants and small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> businesses (&#147;SMEs&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The PagSeguro Brazil&#146;s subsidiaries are Net+Phone Telecomunica&ccedil;&otilde;es Ltda. (&#147;Net+Phone&#148;), Boa Compra Ltda. (&#147;Boa
Compra&#148;), BCPS Online Services LDA. (&#147;BCPS&#148;), R2TECH Inform&aacute;tica S.A. (&#147;R2TECH&#148;), BIVACO Holding S.A (&#147;BIVA&#148;) and Fundo de Investimento em Direitos Credit&oacute;rios &#150; PagSeguro (&#147;FIDC&#148;), for
which the operations are described in note 4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial statements include PagSeguro Brazil and its subsidiaries Net+Phone and Boa
Compra, which are under entities under common control and were transferred to PagSeguro Brazil from its parent UOL on July&nbsp;29, 2016 and were accounted for retrospectively in these consolidated financial statements at UOL&#146;s carrying
amounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, UOL transferred net assets of its business related to the payment operations on August&nbsp;1, 2015, which were also accounted for
retrospectively as a transfer between entities under common control. For periods prior to the transfer date, the operations included in these consolidated financial statements were on a <FONT STYLE="white-space:nowrap">carve-out</FONT> basis, and
reflect an allocation of UOL costs using methods that the PagSeguro Group believes is reasonable. See details in Note 9. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;1, 2017,
PagSeguro Brazil carried out a reverse share split of 2:1 shares which was approved and effective at the same date. As a consequence of the reverse share split, the share capital previously represented by 524,577,214 common shares, was reduced to
262,288,607 common shares. The reverse share split was accounted retrospectively (Note 19). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Presentation and preparation of the consolidated financial statements and significant accounting policies </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top">Preparation and presentation of the consolidated financial statements </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial statements
include the financial statements of PagSeguro Digital and its subsidiaries, which are all under common control and were prepared exclusively for the purpose of presenting, on a comparative basis, operations in a consolidated manner, for the years
ended December&nbsp;31, 2017, 2016 and 2015. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements include the <FONT STYLE="white-space:nowrap">carve-out</FONT> of PagSeguro Brazil operations for the periods prior to
August&nbsp;1, 2015, when its activities were still recorded in UOL&#146;s financial statements. These financial statements, which have been derived from UOL&#146;s accounting records, do not necessarily reflect PagSeguro Brazil financial position,
results of operations, or cash flows that would have been recorded had PagSeguro Brazil been operating as a separate entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From January&nbsp;1, 2015
through July&nbsp;31, 2015, when the PagSeguro Brazil financial statements were prepared on a carve out basis, certain assets and liabilities, revenues, costs and expenses directly related to the payment operations were controlled separately.
Additionally, other indirect corporate expenses recorded at UOL were allocated to these <FONT STYLE="white-space:nowrap">carve-out</FONT> financial statements based on assumptions that management believes are reasonable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (&#147;IFRS&#148;), as issued by
the International Accounting Standards Board (&#147;IASB&#148;). The consolidated financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the PagSeguro Group&#146;s functional currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been prepared under the historical cost convention, which is modified for certain financial assets and liabilities
(including derivative instruments) measured at fair value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of financial statements requires the use of certain critical accounting
estimates. It also requires management to exercise its judgment in the process of applying PagSeguro Group&#146;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are
significant to the financial statements, are disclosed in Note 3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group has adopted all pronouncements and interpretations issued by IASB that
were in effect at December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial statements for the years ended December&nbsp;31, 2017, 2016 and 2015 were approved
by PagSeguro Group&#146;s Board of Directors at a meeting held on March 07, 2018. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.2</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consolidation </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consolidated financial statements </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group consolidates all entities over which it has control, when it is exposed or has rights to variable returns on its interest in the investee, and
has the ability to govern the investee&#146;s relevant activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The subsidiaries included in the consolidation are described in Note 4. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-11 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Subsidiaries </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subsidiaries are all entities over which
PagSeguro Digital has control. Subsidiaries are fully consolidated from the date on which control is transferred to PagSeguro Digital. They are deconsolidated from the date that control ceases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Identifiable assets acquired and liabilities and contingent liabilities assumed for the acquisition of subsidiaries in a business combination are measured
initially at their fair values at the acquisition date.PagSeguro Group recognizes any <FONT STYLE="white-space:nowrap">non-controlling</FONT> interest in the acquiree either at fair value or at the
<FONT STYLE="white-space:nowrap">non-controlling</FONT> interest&#146;s proportionate share of the fair value of the acquiree&#146;s identifiable net assets. <FONT STYLE="white-space:nowrap">Non-controlling</FONT> interests are determined on each
acquisition. Acquisition-related costs are accounted for in the statement of income as incurred. These accounting practices do not apply to transactions under common control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transactions, balances and unrealized gains on intercompany transactions are eliminated. Unrealized losses are also eliminated, unless the transaction
provides evidence of impairment of the asset transferred. The accounting policies of the subsidiaries are changed, where necessary, to ensure consistency with the policies adopted by PagSeguro Group. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.3</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Foreign currency translation </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions or the dates of valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at <FONT
STYLE="white-space:nowrap">year-end</FONT> exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.4</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Cash and cash equivalents </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents are held for the purpose of meeting short-term cash
needs and not for investment or any other purposes. PagSeguro Group classifies as cash equivalents a financial investment that can be immediately converted into a known amount of cash and is subject to immaterial risk of change in value. PagSeguro
Group classifies financial instruments with original maturities of three months or less as cash equivalents. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.5</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial instruments &#150; initial recognition and subsequent measurement </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>i) Financial assets
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Initial recognition and measurement </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial
assets are classified in the following categories: financial assets at fair value through profit or loss, loans and receivables, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-to-maturity,</FONT></FONT> and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> financial assets. The classification depends on the purpose for which the financial assets were acquired. PagSeguro Group does not classify its financial
assets as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-to-maturity</FONT></FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Derivatives are also categorized as measured at fair value through profit or loss unless they are designated as hedges. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the statement of
income. Financial assets include cash and cash equivalents, current financial investments, note receivables, receivables from related parties, and other receivables. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Subsequent measurement </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The subsequent measurement of
financial assets depends on their classification, which may be as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Loans and receivables </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Loans and receivables are carried at amortized cost using the effective interest rate method. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial assets at fair value through profit or loss </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial assets at fair value through profit or loss are presented at fair value in the balance sheet, with the corresponding gains or losses recognized in
the statement of income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group values its financial assets at fair value through profit or loss, as it intends to trade them within a short
period of time. Reclassification to loans and receivables, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">available-for-sale</FONT></FONT> financial assets or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-to-maturity</FONT></FONT> investments depends on the nature of the asset. This valuation does not affect any financial assets designated at fair value through profit or loss at
initial recognition, which cannot be subsequently reclassified. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Derecognition </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A financial asset or, where applicable, a part of a financial asset or part of a group of similar financial assets, is derecognized when: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The rights to receive cash flows from the asset expire; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">PagSeguro Group transfers its rights to receive cash flows from the asset, or assumes an obligation to pay the received cash flows in full to a third party under a &#147;pass-through&#148; arrangement; and
(a)&nbsp;transfers virtually all the risks and benefits of the asset, or (b)&nbsp;neither transfers nor retains virtually all the risks and benefits of the asset, but transfers control of the asset. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When PagSeguro Group has transferred its rights to receive cash flows from an asset and has not transferred or retained substantially all the risks and
benefits of the asset, this asset is recognized to the extent of PagSeguro Group&#146;s continuing involvement in the asset. In such case, PagSeguro Group also recognizes an associated liability. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that PagSeguro Group has retained. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and
the maximum amount of the consideration that PagSeguro Group may be required to repay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ii) Impairment of financial assets </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group assesses, at the balance sheet date, if there is objective evidence that a financial asset or a group of financial assets is impaired. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of&nbsp;impairment as a
result of one or more events that occurred after the initial recognition of the asset (a &#147;loss event&#148;) and that loss&nbsp;event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial
assets that can be&nbsp;reliably estimated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Evidence of impairment may include indication that the debtors are experiencing significant financial
difficulty, probability that the debtor will enter bankruptcy or other financial reorganization, default or delinquency in interest or principal payments, and indication of a substantial decline in the estimated future cash flows, such as changes in
maturity dates or economic conditions related to default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>iii) Financial liabilities </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Initial recognition and measurement </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial liabilities
are classified as financial liabilities at fair value through profit or loss, other financial liabilities, or as derivatives&nbsp;designated used for hedge, when appropriate. PagSeguro Group determines the classification of its financial liabilities
at initial&nbsp;recognition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial liabilities are initially recognized at fair value and, in the case of other financial liabilities, plus directly
related transaction&nbsp;costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial liabilities include payables to third parties, payables to third parties of related parties, trade payables,
trade payables of related parties, borrowings, and other payables. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Subsequent measurement </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The subsequent measurement of
financial liabilities depends on their classification, which may be as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial liabilities at fair value through profit or loss </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial liabilities at fair value through profit or loss include
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-trading</FONT></FONT> financial liabilities and financial liabilities designated at fair value through profit or loss at initial recognition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial liabilities are classified as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-trading</FONT></FONT> if acquired for sale
in the short term. This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gains and
losses on <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">held-for-trading</FONT></FONT> liabilities are recognized in the statement of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Other financial liabilities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After initial recognition,
interest-bearing borrowings are subsequently measured at amortized cost, using the effective interest rate method, and are recognized in the statement of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective
interest rate. The effective interest rate amortization is included in &#147;Financial expenses&#148; in the statement of income. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Derecognition
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A financial liability is derecognized when the obligation is discharged, canceled or expires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as a derecognition of the original liability and recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>iv) Financial instruments &#150; offsetting </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial
assets and liabilities are presented net in the balance sheet if, and only if, there is an existing and enforceable legal right to offset the amounts recognized and an intention to offset or to realize the asset and settle the liability
simultaneously. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>v) Fair value of financial instruments </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of financial instruments actively traded in organized markets is determined based on quoted market prices at the balance sheet date, without a
deduction of transaction costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of financial instruments that are not traded in an active market is determined by using valuation
techniques. These techniques include the use of recent arm&#146;s length transactions, reference to other similar instruments, discounted cash flow analysis or other valuation methods. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Note receivables </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amounts are mainly related to receivables from credit/debit card issuers and
acquirers originated from transactions through PagSeguro Group platform, and from the sales of credit/debit card readers. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as <FONT
STYLE="white-space:nowrap">non-current</FONT> assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provision for impairment of note receivables, however based on PagSeguro Brazil&#146;s risk
assessment the need of provision is immaterial because the note receivables are mainly comprised of transactions approved by large financial institutions that have a low level risk based on ratings received from major credit rating agencies.
Additionally, these financial institutions are the legal obligors to the note receivables. See Note 24. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note receivables are initially recorded at the
present value of expected future cash flows. The note receivables from installment transactions is an estimate based on the present value of the future cash flows, using average appropriate terms and rates, which are in accordance with the terms of
these transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group incurs financial expenses when an election to receive early payment of note receivables from financial institutions
is made. The finance expense is recognized at the time the financial institution agrees to liquidate a note receivable due in installments on a prepaid basis, and it is recorded as Financial expenses in the statement of income. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.7</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Inventories </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inventories consist of debit and credit card readers. Inventories are stated at the lower
of cost and net realizable value. The cost method used for inventories is the weighted moving average method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the
sale. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.8</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Property and equipment </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Property and equipment are stated at historical cost less accumulated
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and may also include finance costs related to the acquisition of qualifying assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subsequent costs are included in the asset&#146;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with these costs will flow to PagSeguro Group and they can be measured reliably. The carrying amount of replaced items or parts is derecognized. All other repairs and maintenance expenses are charged to the statement of
income during the year in which they are incurred. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The assets&#146; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate.
Depreciation is calculated under the straight-line method, based on the estimated useful lives as shown below (in years): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31,</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Data processing equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,5 to 5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,5 to 5</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture and fittings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Machinery and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5 to 10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An asset&#146;s carrying amount is immediately written down to its recoverable amount when the asset&#146;s carrying amount is
greater than its&nbsp;estimated recoverable amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts, and
are recognized within &#147;Other&nbsp;(expenses) income, net&#148; in the statement of income. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.9</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Intangible assets </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Software licenses are capitalized on the basis of the costs incurred to acquire the
software and bring it to use. These costs are amortized on the straight-line basis over the estimated useful life of the software (three to five years). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the
design and testing of identifiable and unique software products controlled by PagSeguro Group are recognized as intangible assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Directly attributable
costs, which are capitalized as part of the software product, include costs incurred with employees and expenses allocated to software development. Borrowing costs incurred during the software development period may also be capitalized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other development expenditures that do not meet the capitalization criteria are expensed as incurred. Development costs previously recorded as an expense are
not recognized as an asset in a subsequent period, and are presented within &#147;Advisory and consulting&nbsp;services&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Computer software
development costs recognized as assets are amortized over the estimated useful life, which does not exceed five&nbsp;years from the date that technological feasibility is met. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.10</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Non-financial</FONT> assets are annually reviewed for impairment to determine whether there are any events or changes in economic and&nbsp;technological conditions or in operations that may indicate that an asset is
impaired. When applicable, such evidence is identified through the annual impairment test. In order to assess a <FONT STYLE="white-space:nowrap">non-financial</FONT> asset, it is necessary to estimate its recoverable amount. The recoverable amount
of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. When the carrying amount of an asset or cash generating unit exceeds its recoverable amount, a provision for impairment is established.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When estimating the value in use of an asset, the future estimated cash flows are discounted to their present value using a <FONT
STYLE="white-space:nowrap">pre-tax</FONT> discount rate that reflects the weighted average cost of capital for the cash generating unit. The net sales price is determined, whenever possible, based on a firm sales contract entered into on an
arm&#146;s length basis, between well-informed and willing parties, adjusted by expenses attributable to the asset sale, or, when there is no firm sales contract, based on the price in an active market, or the most recent transaction price for
similar assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group annually assesses whether there is any indication that a previously recognized impairment loss no longer exists or has
decreased. If there is such indication, the asset&#146;s recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&#146;s recoverable amount
since the last impairment loss was recognized. The reversal is limited so that the asset&#146;s carrying amount does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation or
amortization, had no impairment loss been recognized for the asset in prior years. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.11</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Payables to third parties </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payables to third parties refer to funds payable and amounts due to
merchants that use PagSeguro Brazil platform. PagSeguro Group recognizes the fair value of the transaction which is the transaction amount, net of the transaction cost. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.12</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Provisions </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Provisions are recognized when PagSeguro Group has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. When PagSeguro Group expects the value of a provision to be reimbursed, in whole
or in part, for example, due to an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Expenses associated with any provisions are presented in the statement of income, net
of any reimbursements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group is a party to legal and administrative proceedings. Provisions are established for all contingencies referring to
lawsuits for which it is probable that an outflow of funds will be necessary to settle the contingency/obligation and a reasonable estimate can be made. The assessment of the likelihood of loss includes the evaluation of available evidence, the
hierarchy of laws, available case law, recent court decisions and their importance in the legal system, as well as the opinion of outside legal counsel. The provisions are reviewed and adjusted to reflect changes in circumstances. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.13</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Revenue recognition </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenue comprises the fair value of the consideration received or receivable for
the sale of services and goods in the ordinary course of PagSeguro Group&#146;s activities. Revenue is presented net of sales and excise taxes and returns. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group recognizes revenue when: (i)&nbsp;the amount of revenue can be reliably measured; (ii)&nbsp;it is probable that future economic benefits will
flow to PagSeguro Group; (iii)&nbsp;recognized when control of a good or service is transferred to a customer; and (iv)&nbsp;specific criteria have been met for PagSeguro Group&#146;s activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group&#146;s revenue substantially comprises: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Revenue from transaction activities and other services: Revenue from fees charged for intermediation of electronic payments, and other services such as prepaid cards, which are recognized at the time the purchase is
approved by the financial institution. Revenues from fees charged for intermediation of electronic payments are recognized on a gross basis and related transaction costs are recognized as Cost of sales and services, since PagSeguro Group is
considered to be the principal in the intermediation transaction.&nbsp;PagSeguro Group has primary responsibility for providing the services to customers and also directly sets the prices for such services, independently from the related transaction
costs agreed between PagSeguro Group and the card schemes or card issuers; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Revenue from sales: Revenue from sales of credit and debit card readers and similar items, which is recognized at the time the risks and benefits are transferred and when control of a good is transferred to the
customers, i.e., on delivery of the equipment. Under Brazilian consumer law, clients have seven days after ordering Point of Sale equipment (&#147;POS devices&#148;) in which to cancel the purchase. Returns of devices are accounted for as deductions
from revenue from sales at the time the equipment is returned. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Financial income: is recognized as a result of the discount rate charged on the early payments of Payables to third parties (merchants). The income is recognized at the time the merchant agrees to receive a sale in
installments on an early payment basis, and it is recorded as Financial income in the statement of income. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.14</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Distribution of dividends and interest on own capital </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Distributions of dividends and interest on own
capital to PagSeguro Brazil&#146;s shareholders are recognized as a liability in the financial statements at <FONT STYLE="white-space:nowrap">year-end,</FONT> based on the PagSeguro Brazil&#146;s bylaws, which require the distribution of a minimum
of 1% of the profit for the year as dividends. Any amount that exceeds the minimum required is only accrued on the date such distribution is approved by the shareholders at a General Meeting. However, these provisions do not exist under PagSeguro
Digital Memorandum of Association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The tax benefit of interest on own capital is recognized in the statement of income. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.15</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Current and deferred income tax and social contribution </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Current income tax and social contribution
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tax assets and liabilities for the current year are calculated based on the expected recoverable amount or the amount payable to the tax authorities.
The tax rates and tax laws used to calculate the amount are those enacted or substantively enacted at the balance sheet date in the countries where PagSeguro Group operates and generates taxable income. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-19 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Current income tax and social contribution related to items recognized directly in equity are recognized in equity. PagSeguro Group periodically evaluates the
tax positions involving interpretation of tax regulations and establishes provisions when appropriate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Deferred taxes </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred taxes arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts at the balance sheet date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax liabilities are recognized for all taxable temporary differences, except in the following situations: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor
taxable profit; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On temporary tax differences related to investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in
the foreseeable future; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Deferred tax assets are recognized on all deductible temporary differences and tax loss carryforwards, to the extent that it is probable that taxable profit will be available against which they can be offset, except
when the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither
accounting nor taxable profit or loss; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Deferred tax assets are recognized on the deductible temporary differences associated with investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and that taxable profit will be available against which the temporary differences can be utilized. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying amount
of deferred tax assets is reviewed at each balance sheet date and a deferred tax asset is recognized to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized.
Unrecognized deferred tax assets are reviewed, at each balance sheet date, and recognized to the extent that it is probable that future taxable profit will be available to allow their utilization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the local law of Cayman (The Companies Law of 1960), there is no taxation on the income earned in the companies based in this locality, therefore, we
do not have tax impacts for the PagSeguro Digital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the subsidiaries of PagSeguro Digital, deferred tax assets and liabilities are measured using the
prevailing tax rates in the year in which the assets will be realized and the liabilities will be settled. The currently defined tax rates of 25% for income tax and 9% for social contribution are used to calculate deferred taxes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax assets and liabilities are presented on a net basis when there is a legally or contractually enforceable right to offset the tax asset against the
tax liability, and the deferred taxes are related to the same taxable entity and subject to the same tax authority. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.16</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Employee benefits &#150; Benefits of performance </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group recognizes a liability and an expense
for benefits of performance based on a methodology that takes into consideration the target of performance attributed to PagSeguro Group&#146;s stockholders after certain adjustments. PagSeguro Group recognizes a provision where contractually
obliged or where there is a past practice that has created a constructive obligation. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.17</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Business combination </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group accounts for business combinations using the acquisition method.
The cost of an acquisition is measured as the sum of the consideration transferred, based on its fair value on the acquisition date. Costs directly attributable to the acquisition are expensed as incurred. The assets acquired, and liabilities
assumed are measured at fair value, classified and allocated according to the contractual terms, economic circumstances and relevant conditions on the acquisition date. Goodwill is measured as the excess of the consideration transferred over the
fair value of net assets acquired. If the consideration transferred is smaller than the fair value of net assets acquired, the difference is recognized as a gain on bargain purchase in the statement of operations. After initial recognition, goodwill
is measured at cost less any accumulated impairment losses. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.18</B></TD>
<TD ALIGN="left" VALIGN="top"><B>New standards not yet effective </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following new standards have been issued by IASB, but are not
effective for 2017: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IFRS 16 &#150; &#147;Leases&#148; &#150; this new standard requires lessees to recognize the liability of the future payments and the
right of use of the leased asset for virtually all lease contracts, including operating leases. Certain short-term and <FONT STYLE="white-space:nowrap">low-value</FONT> contracts may be out of the scope of this new standard. The criteria for
recognition and measurement of leases in the financial statements of the lessors are substantially maintained. IFRS 16 is effective for years beginning on or after January&nbsp;1, 2019 and replaces IAS 17 &#150; &#147;Leases&#148; and related
interpretations. Management has performed a preliminary assessment and did not identify any material impacts to date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no other IFRS or IFRIC
interpretations not yet effective that could have a material impact on PagSeguro Group financial statements. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.19</B></TD>
<TD ALIGN="left" VALIGN="top"><B>New and revised pronouncements in effect </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following new standards have been issued by IASB: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IFRS 9 &#150; &#147;Financial Instruments&#148;: addresses the classification, measurement and recognition of financial assets and liabilities. The complete
version of IFRS 9 was issued in July 2014 and is effective as from January&nbsp;1, 2018. It replaces the guidance included in IAS 39 related to the classification and measurement of financial instruments. The main amendments brought by IFRS 9 are:
(i)&nbsp;new criteria for the classification of financial assets; (ii)&nbsp;new impairment model for financial assets, which is based on expected losses, replacing the current model of incurred losses; and (iii) relaxation of the new requirements
for the adoption of hedge accounting. Management evaluated the new guidelines introduced by IFRS 9 and did not identify any material impact for PagSeguro Group. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IFRS 15 &#150; &#147;Revenue from Contracts with Customers&#148;: this new standard introduces the principles to be applied by an entity to determine the
measurement and recognition of revenue. This standard is based on the principle that revenue is recognized when control of a good or service is transferred to a customer, and, therefore, the principle of control will replace the principle of risks
and benefits. This standard will replace IAS 11 &#150; &#147;Construction Contracts&#148;, IAS 18 &#150; &#147;Revenues&#148; and related interpretations, and becomes effective on January&nbsp;1, 2018. Management evaluated the new guidelines
introduced by IFRS 15 and did not identify any material impact for PagSeguro Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Therefore, changes to standards or new pronouncements applicable to
the years presented in the consolidated financial statements were not relevant to PagSeguro Group, for retrospective disclosure and disclosure of amounts. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Critical accounting estimates and judgments </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting estimates and judgments are continually
evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on assumptions, PagSeguro Group makes estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related
actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Estimated useful life of intangible assets </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group uses an estimated useful life to calculate
and record the amortization applied to its intangible assets which may differ from the actual term over which the intangible assets are expected to generate benefits for PagSeguro Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amortization of software usage rights is defined based on the effective period of the license contracted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amortization of internally developed software is defined based on the period over which the software will generate future economic benefits. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Deferred income tax and social contribution </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group recognizes deferred income tax and social
contribution based on future taxable profit estimates for the next ten years. These projections are periodically reviewed and approved by management. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-22 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(c)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Provision for contingencies </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group recognizes provisions for civil and labor suits. The
assessment of probability of loss includes assessing the available evidence and jurisprudence, the hierarchy of laws and most recent court decisions. Provisions are reviewed and adjusted to take into account changes in circumstances such as the
applicable limitation period, findings of tax inspections and additional exposures identified based on new issues or decisions of courts. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consolidation of subsidiaries </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="21" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At&nbsp;December&nbsp;31,&nbsp;2017</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:33.35pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Company</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liabilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net&nbsp;income&nbsp;(loss)<BR>for the&nbsp;year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ownership<BR>&#150; %</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,553,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,686,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">866,988</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Direct</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net+Phone</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,018,218</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">974,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,441</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indirect</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Boa Compra</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">629,246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">609,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,962</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,715</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indirect</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BCPS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">985</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indirect</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">R2TECH</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">894</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indirect</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BIVA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,730</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,569</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indirect</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FIDC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,759</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indirect</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Operations of the subsidiaries </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">PagSeguro Brazil: is engaged in providing financial technology solutions and services and the corresponding related activities. PagSeguro Brazil has investments in the following companies: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o</TD>
<TD ALIGN="left" VALIGN="top">Net+Phone: Is mainly engaged in acquisition and selling POS (Point of sale) devices and similar items. On July&nbsp;29, 2016, UOL transferred its investment in Net+Phone to PagSeguro Brazil, as a capital contribution,
in the amount of R$ 44,317. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o</TD>
<TD ALIGN="left" VALIGN="top">Boa Compra: Allows its clients to operate cross-border transactions where the merchant and consumer are located in different countries across Latin America, Spain, Portugal and Turkey. On April&nbsp;5, 2011, UBN
Internet Ltda. (&#147;UBN&#148;), a subsidiary of UOL, acquired a 51% equity interest in Boa Compra. On July&nbsp;26, 2013, UBN acquired additional 24% equity interest, increasing its total ownership in Boa Compra to 75%. In May 2016, UBN acquired
the remaining 25% equity interest, becoming the owner of 100% of Boa Compra. On July&nbsp;29, 2016, UBN&#146;s equity interest in Boa Compra was spun off to its parent company UOL. Subsequently, UOL transferred its 100% equity interest in Boa Compra
to PagSeguro Brazil as a capital contribution, in the total amount of R$ 12,034. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o</TD>
<TD ALIGN="left" VALIGN="top">BCPS: On January&nbsp;1, 2017, PagSeguro Brazil acquired 99.5% of the share capital and obtained the control of BCPS. BCPS&#146;s main activity is to enable clients of the PagSeguro Brazil Group to operate cross-border
transactions where the merchant and the consumer are located in different countries of Latin America, Spain, Portugal and Turkey. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o</TD>
<TD ALIGN="left" VALIGN="top">R2TECH: On May&nbsp;2, 2017, PagSeguro Brazil acquired 51% of the share capital and obtained the control of R2TECH. R2TECH&#146;s main activity is in the information technology industry, focused on the processing of
back-office solutions, including sales reconciliation, gateway solutions and services, the capture of credit cards with administrators and acquirers. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o</TD>
<TD ALIGN="left" VALIGN="top">BIVA: On October&nbsp;3, 2017, PagSeguro Brazil acquired a controlling interest of 51.41% in BIVACO Holdings SA, whose main objective is to acquire participations in other companies, commercial or civil, as partner,
shareholder or quotaholder, as well as the management of these holdings. In November 2017, PagSeguro Brazil acquired an additional interest in BIVA, bringing our total interest to 59.3% of BIVA&#146;s. BIVA has investments in the following
subsidiaries: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9726;</TD>
<TD ALIGN="left" VALIGN="top">Biva Servi&ccedil;os Financeiros S.A : whose main objective is the intermediation between investors, financial institution and credit borrowers by medium of electronic platform; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9726;</TD>
<TD ALIGN="left" VALIGN="top">Biva Correspondente Banc&aacute;rio Ltda: whose main objective is to structure financing for small and medium enterprises following the model crowdfunding, in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> modality. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">o</TD>
<TD ALIGN="left" VALIGN="top">FIDC: On October&nbsp;4, 2017, FIDC was constituted for the purpose of acquiring payables to third parties held by PagSeguro Brazil (&#147;Assignor&#148;). PagSeguro Brazil consolidates the financial statements of FIDC,
which represents an investment fund constituted to finance the growth of PagSeguro Brazil&#146;s early payment of receivables feature. The consolidation is justified by the fact that the risks of default and the responsibility for expenses and
administration related to the FIDC are linked to subordinated quotas held by the PagSeguro Brazil. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Segment reporting </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operating segments are reported consistently with the internal reporting provided to
the chief operating decision-maker. The chief operating decision-maker, responsible for allocating resources and assessing the performance of the operating segments is the Board of Directors, which is also responsible for making PagSeguro Group
strategic decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Considering that all decisions are based on consolidated reports, and that all decisions related to strategic and financial
planning, purchases, investments and the allocation of funds are made on a consolidated basis, PagSeguro Group and its subsidiaries operate in a single segment, as payment arrangement agents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group is domiciled in Brazil and has revenue arising from local customers and customers located abroad. The main revenue consists of sales to the
domestic market. The international market represents 2%, 5% and 8% for the years 2017, 2016 and 2015 respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Cash and cash equivalents </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term bank deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>66,767</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>79,969</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents are held for the purpose of meeting short-term cash needs and include cash on hand, deposits with
banks and other short-term highly liquid investments with original maturities of three months or less, and with immaterial risk of change in value. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial investments </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,239</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>210,103</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>131,239</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Short-term investments consist of two repurchase agreements, with an average return of 96.0% of the Interbank Deposit
Certificate (CDI). This financial asset was classified as fair value through profit and loss. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Note receivables </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:48.60pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Legal obligors</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Visa</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Master</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Hipercard</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Visa</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Master</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ita&uacute;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">237,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">751,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,239,694</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,741</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">344,174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bradesco</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">333,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">416,268</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,041</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banco do Brasil</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">287,334</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91,414</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CEF</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,684</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,837</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Santander</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">122,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">310,946</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,695</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,085</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">141,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">393,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">535,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total card issuers (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,192,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,707,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,150,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">429,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">513,735</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">942,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vero</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">331,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cielo</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">232,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">355,949</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redecard</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amex</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,608</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,864</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total acquirers (ii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">370,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">772,675</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">991</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">991</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total note receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,192,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,707,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,522,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">429,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">513,735</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,715,514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and
Visa or Mastercard. However, PagSeguro Brazil&#146;s contractual note receivables are with the financial institutions, which are the legal obligors on the note receivables. Additionally, amounts due within 27 days of the original transaction,
including those that fall due with the first installment of installment receivables, are guaranteed by Visa or Mastercard, as applicable, in the event that the legal obligors do not make payment. PagSeguro Brazil started operating directly as a
financial intermediary in 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Acquirers: refers to card processing transactions to be received from the acquirers, which are third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil. This balance also includes
the receivables from sales of debit and credit card readers. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The maturity analysis of note receivables is as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due within 30 days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,213,929</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">970,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due within 31 to 120 days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,045,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">609,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due within 121 to 180 days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,144</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Due within 181 to 360 days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147,642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>3,522,349</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>1,715,514</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Related-party balances and transactions </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group is controlled by UOL (incorporated in Brazil),
which owns 99.99% of the shares as of December&nbsp;31, 2017, prior to PagSeguro&#146;s Digital initial public offering in January 2018. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top">Balances and transactions with related parties: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Receivables</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payables</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Receivables</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payables</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Immediate parent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL &#150; cash management (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,721</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL &#150; sales of services (b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,692</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Affiliated companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL Diveo &#150; cash management (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL Diveo &#150; sales of services (b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Concurso Virtual S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,522</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfolha Transportadora e Distribui&ccedil;&atilde;o Ltda.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">745</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Livraria da Folha Ltda.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Empresa Folha da Manh&atilde; S/A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,320</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>124,723</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39,101</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>300,809</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>76,249</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">The receivables/payables with related parties arising from cash management are settled within one month and are free of interest. Shared service costs are offset with these balances. The receivables are unsecured in
nature and no provisions are held against receivables from related parties. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:8pt; font-family:Times New Roman">In April and September 2017, PagSeguro Brazil
decided to settle a portion of its outstanding balance with related parties, as described below. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:8pt; font-family:Times New Roman">On April&nbsp;30, 2017, PagSeguro Brazil
approved the settlement of R$22,149 related to interest on own capital that was distributed with respect to the year ended December&nbsp;31, 2016. PagSeguro Brazil agreed with UOL that the full amount of this outstanding interest on own capital
would be offset against receivables under the centralized cash management with UOL. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:8pt; font-family:Times New Roman">In addition, as described in Note 19, on
September&nbsp;29, 2017 PagSeguro Brazil approved and distributed a total of R$238,803 in dividends, consisting of (i)&nbsp;dividends related to the year ended December&nbsp;31, 2016 in the amount of R$96,008; and (ii)&nbsp;dividends related to the <FONT
STYLE="white-space:nowrap">six-month</FONT> period ended June&nbsp;30, 2017 in the amount of R$142,794. PagSeguro Brazil agreed with UOL to offset R$184,530 from the total amount of R$238,803 against receivables under the centralized cash management
with UOL and that PagSeguro Brazil would pay the remaining balance of R$54,273 in cash to UOL. </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Sale of services refers mainly to purchase of (i)&nbsp;advertising services from UOL and (ii)&nbsp;services related to technical support in computing and hosting from UOL Diveo Tecnologia Ltda. (&#147;UOL Diveo&#148;),
which started in 2016. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3%; font-size:8pt; font-family:Times New Roman">In addition, during 2016, an amount of R$&nbsp;63,264 (composed by R$&nbsp;26,610 and R$&nbsp;36,654)
previously recorded as accounts payable was used for capital contributions, as described in Note 19. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Revenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expense</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Revenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expense</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Revenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expense</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Immediate parent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL &#150; shared service costs (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL &#150; shared service costs &#150; carved out (b)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL &#150; sales of services (c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,976</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,458</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL &#150; sales of services &#150; carved out (d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Affiliated companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL Diveo &#150; shared service costs (e)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,710</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">UOL Diveo &#150; sales of services (f)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Concurso Virtual S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfolha Transportadora e Distribui&ccedil;&atilde;o Ltda.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Livraria da Folha Ltda.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">347</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,480</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>149,863</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>744</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>137,885</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>857</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>84,427</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Shared services costs mainly related to (i)&nbsp;payroll costs, (ii)&nbsp;IT structure / software and (iii)&nbsp;rental costs are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to
contractual agreements. Such costs are included in administrative expenses. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The main costs that the UOL Group allocated to PagSeguro Brazil (based on the number of employees and/or the time worked, basis that management believes is reasonable), are (i)&nbsp;payroll costs, (ii)&nbsp;IT structure
/ software and (iii)&nbsp;rental costs. The allocated costs to the <FONT STYLE="white-space:nowrap">carve-out</FONT> financial statements are included in administrative expenses. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Sale of services related to advertising services are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Sales of services related to advertising services were allocated based on intercompany cost, a basis that management believes is reasonable from January 2014 through July 2015. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Shared services costs are incurred by the affiliated company UOL Diveo and are charged to PagSeguro Brazil pursuant to contractual agreements. The main costs are related to IT structure/software. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Sale of services from the affiliated company UOL Diveo related to technical support in computing and hosting services (started in 2016) and are charged to PagSeguro Brazil pursuant to contractual agreements.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-28 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top">Key management compensation </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Key management personnel includes only short term benefits of PagSeguro Group
executive officers. In 2017, the total compensation paid to the executive officers amounted to R$&nbsp;3,487, (R$&nbsp;2,658 and R$&nbsp;2,243 in 2016 and 2015, respectively). </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Business combinations </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The acquisitions described below are in accordance with PagSeguro&#146;s Digital
business strategies, as well as the products offered by them and their client portfolio. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Book&nbsp;value&nbsp;of<BR>purchased<BR>entities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Purchase</B><br><B>accounting</B><br><B>adjustment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair&nbsp;value&nbsp;of<BR>assets and<BR>liabilities<BR>acquired</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The assets and liabilities arising from the acquisition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets acquired</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liabilities assumed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,312</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,312</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property, plant and equipment and intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">643</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Value of net assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,980</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,498</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bargain purchase gain</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,077</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,077</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consideration for the purchase settled in cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,276</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at the subsidiary acquired</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amount paid on acquisitions less cash and cash equivalents acquired</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top">BCPS </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;1, 2017, PagSeguro Brazil acquired 99.5% of the share capital and obtained the control of
BCPS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amount paid in the acquisition was R$406, which was settled in cash on that date. The fair value of the acquired assets, amounting R$568, and
the assumed liabilities amounting of R$75 at the acquisition date are substantially similar to their book value. A bargain purchase gain of R$87 arose from the acquisition of BCPS. The impacts of the acquisition were not considered material to
PagSeguro Brazil. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top">R2TECH </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;2, 2017, PagSeguro Brazil acquired 51% of the share capital and obtained control of R2TECH.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consideration for the purchase was R$9,200, of which R$2,940 was settled in cash on the acquisition date and R$460 was paid on August&nbsp;14, 2017.
R$2,300 and R$3,500 are variable installments, subject to the attainment of some specific targets for the year of 2017 and 2018, respectively, established in the acquisition agreement, with payment deadline up to 10 business days after the
conclusion of the Company&#146;s audited financial statements. Based on current management expectations, these performance goals will be achieved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the assets acquired, in the amount of R$348, and the liabilities assumed, in the amount of R $215 on the acquisition date, is substantially
similar to their book value. The goodwill of R$9,067 arising from the acquisition is attributable to the future profitability of the business and the synergy with the products offered by the PagSeguro Group. During the year ended December&nbsp;31,
2017, PagSeguro Group identified some changes to the initial purchase price allocation (PPA), which were completed in the measurement period as defined in IFRS, as shown below: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top">Intangible assets&#151;Portfolio of customers: the fair value attributed to the Customer Portfolio was R$ 768, using the real discount rate (without inflationary effects) of 15.30%; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ii)</TD>
<TD ALIGN="left" VALIGN="top">Intangible <FONT STYLE="white-space:nowrap">assets&#151;Non-competition:</FONT> the value of the fair value assigned was R$242, using the real discount rate (without inflationary effects) of 15.30%; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">iii)</TD>
<TD ALIGN="left" VALIGN="top">Intangible <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">assets&#151;Right-to-use</FONT></FONT> software: the fair value was R$1,488, using the real discount rate (without inflationary effects) of
15.30%. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top">BIVA </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;3, 2017, PagSeguro Brazil acquired control with the acquisition of a 51.41% interest in
Bivaco Holding SA. On November&nbsp;30, 2017 there was an additional interest of 7.90 was acquired, increasing PagSeguro Brazil&#146;s interest to 59,31%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The total consideration paid for the purchases was R$18,470, which was settled in cash on the acquisition date. The fair value of the assets acquired, in the
amount of R$2,350 and the liabilities assumed, in the amount of R$997 on the acquisition date, are substantially similar to their book value. The goodwill of R$17,117 arising from the acquisition is attributable to the future profitability of the
business in synergy with the products offered by PagSeguro Group. The purchase price allocation may be subject to changes in the measurement period as defined in IFRS. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Property and equipment </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Property and equipment is composed as follows: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31, 2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cost</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>depreciation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Data processing equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,114</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,910</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Machinery and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(444</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture and fittings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">397</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>16,607</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,718</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,889</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31, 2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cost</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>depreciation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Data processing equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,574</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,692</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Machinery and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">548</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(140</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture and fittings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,464</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(3,906</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>4,558</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The changes in cost and accumulated depreciation were as follows: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Data<BR>processing<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Facilities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Machinery<BR>and<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Furniture<BR>and<BR>fittings</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leasehold<BR>improvements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Vehicles</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,574</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">548</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,464</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,692</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(140</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,906</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net book value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Opening balance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,171</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,873</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of subsidiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,422</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(304</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,812</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net book value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,910</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,889</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">397</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,114</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(444</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,718</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net book value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,910</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,889</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Intangible assets </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Intangible assets are composed as follows: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31, 2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cost</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>amortization</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenditures related to software and technology (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">241,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(115,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Software licenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,043</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Customer relationships</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,890</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill (ii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>276,667</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(117,799</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>158,868</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cost</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated<BR>amortization</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenditures related to software and technology (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,989</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,858</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Software licenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,416</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>149,382</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(63,274</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>86,108</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">PagSeguro Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives, within a range from three to five years. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Goodwill provided on the acquisition of the companies R2TECH and BIVA as described in Note 10. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The changes in cost and accumulated amortization were as follows: </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expenditures&nbsp;with<BR>software and<BR>technology&nbsp;(i)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Software<BR>licenses</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Customer<BR>relationships</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Goodwill&nbsp;(ii)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,989</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149,382</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,858</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,416</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(63,274</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net book value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Opening balance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,210</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">971</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of subsidiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,498</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,807</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(627</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54,526</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net book value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,890</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,868</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">241,490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(115,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,043</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(117,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net book value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,890</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">158,868</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Payables to third parties </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,080,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,304,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,080,569</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,304,031</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payables to third parties correspond to amounts to be paid to commercial establishments with respect to transactions carried
out by their card holders, net of the intermediation fees and discounts applied. PagSeguro Brazil&#146;s average settlement terms agreed upon with commercial establishments is up to 30 days. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Borrowings </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:17.35pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Interest&nbsp;rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average<BR>annual<BR>interest&nbsp;rate&nbsp;%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maturity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowings in foreign currency</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Fixed&nbsp;interest&nbsp;rates</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,36365</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">January&nbsp;2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bank Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Fixed interest rates</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,86450</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">March 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>205,204</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In July 2016, PagSeguro Brazil obtained a borrowing denominated in foreign currency in the amount of
US$&nbsp;40,000&nbsp;thousand, equivalent to approximately R$&nbsp;129,390, maturing in January 2017. In addition, in September 2016, PagSeguro Brazil obtained another borrowing in foreign currency in the amount of US$&nbsp;21,766&nbsp;thousand,
equivalent to approximately R$&nbsp;70,000, maturing in March 2017. At the same time, PagSeguro Brazil contracted derivatives (Swaps) for both borrowings, for the specific purpose of protecting them against exchange rate fluctuations. The derivative
rate corresponds to 110% of the average daily interest rate of the Interbank Deposits (DIs). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Interest on borrowings were paid at the maturities of the
transactions, together with the total settlement of the financial instruments during the year ended December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The borrowing agreements did
not contain any collateral clauses or covenants to be complied with by PagSeguro Brazil. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Salaries and social charges </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,237</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Salaries payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,682</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payroll accruals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,365</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">789</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>34,269</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>20,269</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Taxes and contributions </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Services tax (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,837</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,382</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Value-added tax on sales and services (ii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,830</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social integration program (iii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social contribution on revenues (iii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax and social contribution (iv)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,474</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>124,681</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>24,902</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Judicial deposits (v)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Services tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,375</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Value-added tax on sales and services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social integration program</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,188</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,516</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Social contribution on revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,389</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,475</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(72,617</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(17,991</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>52,064</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,911</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Refers to taxes on revenue from transaction activities. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Refers to the Value-added Tax on Sales and Services (ICMS) amounts due by Net+Phone, related to tax substitution and tax rate differential, applied on sales of credit and debit card readers. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Refers to the income tax and social contribution payable on current income taxes and contribution. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">PagSeguro Group obtained court decisions to deposit the amount related to the payments in escrow for matters discussed in items &#147;i&#148;, &#147;ii&#148; and &#147;iii&#148; above. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Provision for contingencies </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some companies of PagSeguro Group are party to labor and civil litigation
in progress and are discussing such matters at the administrative and judicial levels, which, when applicable, are supported by judicial deposits. The provisions for probable losses arising from these matters are estimated and periodically adjusted
by management, supported by the opinion of its external legal advisors. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2016&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Civil</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,326</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Labor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">680</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group is a party on tax lawsuits involving risks classified by legal advisors as possible losses of approximately
R$25,800 and R$29,726, for the years ended in December&nbsp;31, 2016 and 2017, respectively. PagSeguro Group is not party on civil and labor lawsuits classified by management as possible losses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Income tax and social contribution </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Deferred income tax and social contribution: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tax losses</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tax credit</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Technological<BR>inovation (i)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other<BR>temporary<BR>differences&#151;<BR>ASSETS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other<BR>temporary<BR>differences&#151;<BR>LIABILITY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deferred tax</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,363</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,257</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,363</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Included in the statement of income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,312</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,121</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taken directly to equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,378</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,074</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Included in the statement of income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(721</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,814</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,616</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,487</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(41,192</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,616</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The main temporary differences representing the balance of the deferred tax liability refers to the benefit granted by the Technological Innovation Law (<I>Lei do Bem</I>), which reduces the tax charges on the
capitalized amount of property and equipment. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deferred tax assets are recognized for tax loss carry-forwards to the extent that the
realization of the related tax benefit through future taxable profits is probable. Tax losses do not have expiration date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The estimated realization of
deferred tax assets in <FONT STYLE="white-space:nowrap">non-current</FONT> assets and liabilities is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Asset</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liability</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Asset</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Liability</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,895</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,728</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,040</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,008</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">940</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">982</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,434</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,987</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(185</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>37,015</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(42,809</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,305</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(24,378</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>(b) Reconciliation of the income tax and social contribution expense </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group computed income tax and social contribution under the taxable income method. The following is a reconciliation of the difference between the
actual income tax and social contribution expense and the expense computed by applying the federal statutory rate for the years ended December&nbsp;31, 2017, 2016 and 2015: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December, 31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit for the period before taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">683,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">155,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statutory rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected income tax and social contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(232,391</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(52,822</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,707</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax and social contribution effect on:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Permanent additions (exclusions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Participation in the results of partners and managers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(314</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(234</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gifts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(375</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="2"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">R&amp;D and technological innovation benefit &#150; Law 11.196/05(i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom" ALIGN="right">24,987</TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom" ALIGN="right">15,898</TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom" ALIGN="right">11,596</TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Incentives &#150; Law Rounet Art. 18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">485</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,333</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax and social contribution expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(204,711</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,580</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,826</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax and social contribution &#150; current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(214,988</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,431</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,587</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax and social contribution &#150; deferred</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Refers to the benefit granted by the Technological Innovation Law (<I>Lei do Bem</I>), which reduces the income tax charges, based on the amount invested by PagSeguro Group on some specific property and equipment.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Equity </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>a) Share capital </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at August&nbsp;1, 2017, PagSeguro Brazil carried out a reverse share split of 2:1 shares which was approved and effective at the same date. As a consequence
of the reverse share split, the share capital previously represented by 524,577,214 common shares, was reduced to 262,288,607 common shares. The reverse share split was accounted retrospectively. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017, all issued shares were fully paid. At December&nbsp;31, 2017, the share capital, after retroactively reflecting the&nbsp;reverse
share split, is represented by 262,288,607 common shares, with no par value. Share capital is composed of the following&nbsp;shares: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2015 shares outstanding (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">220,808,044</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalization of control party related party payable (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,305,204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of shares to UOL for transfer of Net+Phone and Boa Compra (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,175,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2016 shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,288,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December&nbsp;31, 2017 shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,288,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">PagSeguro
Brazil has reflected in its statement of changes in shareholders&#146; equity the issuance of shares during the periods that such shares were issued. For earnings per share purposes, PagSeguro Brazil has considered 262,288,607 as outstanding during
each of the years ended December&nbsp;31, 2017 and 2016, as shares in (1), (2) and (3)&nbsp;above were issued to UOL, the control party, as part of the recapitalization. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The shareholder UOL increased PagSeguro Brazil share capital on August&nbsp;1, 2015 by the amount of R$ 329,961 (164,980,523 shares) and on December&nbsp;30, 2015, by the amount of R$ 69,087 (34,543,522 shares), in the
total amount of R$ 399,048, through the transfer of assets and liabilities related to payment operations which had been previously recorded in UOL, thus centralizing these activities in PagSeguro Brazil from thereon, resulting in total shares
outstanding at December&nbsp;31, 2015 of 220,808,044; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">On May&nbsp;31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 26,610 (13,305,204 shares); </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">On May&nbsp;31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 36,654 (18,327,103 shares) in Net+Phone. After that, as described in Note 2, in July 2016, UOL transferred
its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution in the amount of R$&nbsp;56,351 (28,175,359 shares). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the&nbsp;proceeds. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>b) Legal reserve </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The legal reserve is established
pursuant to the bylaws, at 5% of annual profit, up to the limit of 20% of <FONT STYLE="white-space:nowrap">paid-up</FONT> share capital. The legal reserve will be used only for capital increases or absorption of losses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>c) Profit retention reserve </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil management
is proposing the establishment of a profit retention reserve totaling R$&nbsp;312,047, relating to the profit for the year ended December&nbsp;31, 2017 to cover PagSeguro Brazil capital budget, to be approved by the shareholders following the
issuance of the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>d) Dividends </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the bylaws, 1% of the profit of
PagSeguro Brazil will be distributed as dividends to the shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Brazil bylaws establish that profit for the year and interest on own
capital should be allocated, in full or in part, to the constitution of reserves. Presented below are the dividends distributed by each entity consolidated in these financial statements other than Net+Phone and BIVA which recorded accumulated losses
in all periods presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:59.75pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>PagSeguro Brazil</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115,727</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,209</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">115,727</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer to legal reserve (5%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,939</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">454,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,311</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mandatory minimum dividends (1%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,548</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional dividends proposed (ii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total dividends distributed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">238,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on own capital (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,059</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Number of common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">220,808</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends per share (in reais)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The distribution of interest on own capital was approved in the shareholders&#146; meeting held on December&nbsp;30, 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">At the Extraordinary General Shareholders Meeting held on September&nbsp;29, 2017, PagSeguro Brazil&#146;s shareholders approved the distribution of (i)&nbsp;R$142,795 of dividends related to the <FONT
STYLE="white-space:nowrap">six-month</FONT> period ended June&nbsp;30, 2017 and (ii)&nbsp;R$96,008 in additional dividends related to the year ended December&nbsp;31, 2016. The total dividends distributed amounted to R$238,803, of which R$184,530
was offset against receivables under the centralized cash management with UOL and the balance of R$54,272 was paid in cash by PagSeguro Brazil to UOL. For further details, see Note 9. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:43.80pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Boa Compra</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,715</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer to legal reserve (5%) *</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted income for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,715</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mandatory minimum dividends (1%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional dividends proposed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total dividends distributed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Number of common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,381,317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,381,317</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">198,557</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends per share (in reais)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0,0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0,0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0,4079</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Allocation to legal reserve was not required because the legal reserve reached the limit of 20% of share capital. </TD></TR></TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>20.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Earnings per share </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Basic and diluted earnings per share are calculated by dividing the profit
attributable to shareholders of PagSeguro Group by the weighted average number of common shares issued and outstanding during the year: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit attributable to owners of the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">478,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of common shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,288,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,288,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,288,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted earnings per share &#150; in reais</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.8254</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The denominator was retrospectively adjusted for the issuance of new shares as a result of the reorganization of companies
under common control, as further&nbsp;described in Note 1, as well as to the reverse share split approved and executed&nbsp;on August 01, 2017 (See&nbsp;note&nbsp;19). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group&#146;s basic earnings per share equal its diluted earnings per share, since PagSeguro Group does not have any dilutive&nbsp;instruments. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>21.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Total revenue and income </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross revenue from transaction activities and other services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,391,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">543,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">305,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross revenue from sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">655,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">371,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">238,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross financial income (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">858,410</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">411,413</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">243,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other financial income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total gross revenue and income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,913,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,332,085</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">798,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deductions from gross revenue from transactions&nbsp;activities and other services (ii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(167,120</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(63,793</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,101</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deductions from gross revenue from sales (iii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(183,229</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(110,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,430</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deductions from gross financial income (iv)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,104</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total deductions from gross revenue and income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(390,135</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(193,700</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,635</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenue and income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,523,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,138,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">674,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Includes (a)&nbsp;interest from early payment related to the discount of notes payable to third parties paid in advance and (b)&nbsp;interest on note receivables due in installments. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Deductions consist of services taxes. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">The deductions are composed of sales taxes and returns. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Deductions consist of taxes on financial income. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>22.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Expenses by nature </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transactions costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(661,067</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(283,630</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(145,969</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of goods sold</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(451,635</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(233,419</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(178,608</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marketing and advertising</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(275,394</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(204,857</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153,467</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Personnel expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(105,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(63,280</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48,130</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial expenses (i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104,544</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68,301</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,696</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chargebacks (ii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(47,854</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,557</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization (iii)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51,571</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,246</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,580</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(142,022</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,737</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,839,881</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(983,027</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(634,606</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Classified as:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(829,661</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(357,811</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(191,710</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(494,719</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(265,856</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(190,773</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selling expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(245,759</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(199,937</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(162,642</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153,177</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(84,461</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(61,129</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104,544</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(68,301</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,696</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other (expenses) income, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,021</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,345</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,839,881</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(983,027</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(634,606</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Our financial expenses include (a)&nbsp;the charges we incur to obtain early payment of receivables owed to us by card issuers and acquirers in order to finance our early payment of receivables feature for merchants,
(b)&nbsp;interest expense on our other borrowings and (c)&nbsp;the cost of swaps relating to our foreign currency borrowings. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Chargebacks refer to losses recognized in the period reflecting the risks of fraud associated with card processing operations, as detailed in Note 24 (iii). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">The depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below: </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales and services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,088</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(895</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(904</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selling expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(371</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,812</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,277</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,324</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales and services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54,151</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,846</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,377</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(375</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(333</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(54,526</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(32,905</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(18,710</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIS and COFINS credits (*)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization expense, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51,571</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,246</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,933</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(*)</TD>
<TD ALIGN="left" VALIGN="top">PagSeguro Brazil has a tax benefit on PIS and COFINS that allows to reduce the depreciation and amortization expenses, when incurred. This tax benefit is recognized directly as a reduction of depreciation and
amortization expense. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>23.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial instruments by category </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group estimates the fair value of its financial instruments
using available market information and appropriate valuation methodologies for each situation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The interpretation of market data, as regards the choice
of methodologies, requires considerable judgment and the establishment of estimates to reach an amount considered appropriate to each situation. Therefore, the estimates presented may not necessarily indicate the amounts that could be obtained in
the current market. The use of different hypotheses to calculate market value or fair value may have a material impact on the amounts obtained. The assets and liabilities presented in this note were selected based on their relevance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group believes that the financial instruments recognized in these consolidated financial statements at their carrying amount are substantially
similar to their fair value. However, since they do not have an active market, variations could occur in the event PagSeguro Group were to decide to settle or realize them in advance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-42 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group classifies its financial instruments into the following categories: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Financial assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Measured at fair value through profit or loss:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,239</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and receivables:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,522,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,715,514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Receivables from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,495</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,951,898</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>2,232,026</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Financial liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Measured at fair value through profit or loss:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortized cost:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,080,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,304,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,719</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends payable and interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>3,227,986</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,684,690</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>24.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial risk management </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group activities expose it to a variety of financial risks: market
risk (including currency risk and cash flow or fair value interest rate risk), fraud risk (chargebacks), credit risk and liquidity risk. PagSeguro Group&#146;s overall risk management program focuses on the unpredictability of financial markets and
seeks to minimize potential adverse effects on PagSeguro Group&#146;s financial performance. PagSeguro Group uses derivative financial instruments to hedge certain risk exposures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Among the main market risk factors that may affect PagSeguro Group&#146;s business are the following ones: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Foreign exchange risk </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign exchange risk arises when future commercial transactions or recognized assets or
liabilities are denominated in a currency that is not the entity&#146;s functional currency. As of December&nbsp;31, 2016, PagSeguro Group had borrowings denominated in foreign currency which are linked to derivatives (swaps). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with management&#146;s policies, derivative transactions are allowed, as long as they are hedged by a swap entered into with prime financial
institutions, for the sole purpose of hedging against risks of fluctuation in exchange or interest rates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-43 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amounts of derivative financial instruments are summarized as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31, 2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maturity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notional&nbsp;value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange and interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January&nbsp;2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132,761</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interbank Deposit Certificate (CDI)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">January 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(129,480</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(138,036</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(5,275</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange and interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interbank Deposit Certificate (CDI)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">March 2017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(72,875</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(1,338</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>(6,613</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Cash flow and fair value interest rate risk </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This risk arises from the derivative financial instruments (swap)
that replaces the risk of the exchange and interest rate variation associated with borrowings by the CDI. In this case, the swap&#146;s liability leg is the CDI, exposing PagSeguro Group to the variation of this interest rate. For better risk
management, PagSeguro Group chooses to enter into borrowings and derivatives with short-term maturities, which enable a better management of the rates. As of December&nbsp;31, 2017, the Group is not exposed to this risk. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Fraud Risk (chargeback) </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales transactions which are intermediated by the PagSeguro Group are susceptible to
potentially fraudulent or improper and PagSeguro Group uses two processes to control the fraud risk as such: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The first one consists of monitoring, on a
real time basis, the transactions carried out with credit and debit cards and payment slips, through an anti-fraud system. This process approves or rejects suspicious transactions at the time of the authorization, based on statistical models that
are revised on a periodic basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The second process detects chargebacks and disputes not identified by the first process. This is a complementary process
and increases PagSeguro Group&#146;s ability to avoid new frauds. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">Credit risk </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit risk is managed on a group basis and are limited to the possibility of default by:
(a)&nbsp;the card issuers, which have the obligation of transferring to the credit and debit card labels the fees charged for the transactions carried out by their card holders, and/or (b)&nbsp;the acquirers, which are used by PagSeguro Group to
approve transactions with the issuers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to mitigate this risk, PagSeguro Group has established a Credit and Liquidity Risk Committee, whose
responsibility is to assess the level of risk of each of the card issuers served by PagSeguro Group, classifying them into three groups: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">card issuers with a low level of risk, with credit ratings assigned by FITCH, S&amp;P and Moody&#146;s , which do not require additional monitoring; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">card issuers with a medium level of risk, which are also monitored in accordance with the Basel and property, plant and equipment ratios; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">card issuers with a high level of risk, which are assessed by the Committee at monthly meetings. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No credit
limits were exceeded during the reporting period, and management does not expect any losses from <FONT STYLE="white-space:nowrap">non-performance</FONT> by these counterparties in addition to the amounts already derecognized as chargebacks,
presented as fraud risk. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-44 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Liquidity risk </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group manages liquidity risk by maintaining reserves, bank and credit lines for the
obtaining borrowings, when deemed appropriate. PagSeguro Group continuously monitors actual and projected cash flows, and matches the maturity profile of its financial assets and liabilities in order to ensure PagSeguro Group has sufficient funds to
honor its obligations to third parties and meet its operational needs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group invests cash surplus in interest bearings financial investments,
choosing instruments with appropriate maturity or sufficient liquidity to provide adequate margin as determined by the forecasts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31,
2017, PagSeguro Group held cash and cash equivalents of R$&nbsp;66,767 (R$&nbsp;79,969 at December&nbsp;31, 2016). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below shows PagSeguro
Group&#146;s <FONT STYLE="white-space:nowrap">non-derivative</FONT> financial liabilities divided into the relevant maturity group based on the remaining period from the balance sheet date and the contractual maturity date. The amounts disclosed in
the table are the contractual undiscounted cash flows. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due&nbsp;within<BR>30 days</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due&nbsp;within<BR>31 to 120<BR>days</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due&nbsp;within<BR>121 to 180<BR>days</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due&nbsp;within<BR>181 to 360<BR>days</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due&nbsp;to&nbsp;361<BR>days or<BR>more days</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,890,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,083</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payables to third parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,228,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,561</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade payables to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">208,374</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends payable and interest on own capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>25.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Capital management </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group monitors capital on the basis of the gearing ratio which corresponds
to net debt divided by total capital. Net debt is calculated as total borrowings (including current and <FONT STYLE="white-space:nowrap">non-current</FONT> borrowings as shown in the consolidated balance sheet) less cash and banks. Total capital is
calculated as equity as shown in the consolidated balance sheet plus net debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, PagSeguro Group&#146;s strategy was to maintain a gearing
ratio of up to 20%. The gearing ratio at December&nbsp;31, 2016 was as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-45 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,&nbsp;2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(-) Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,969</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">626,862</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">752,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gearing ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.65%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PagSeguro Group had no borrowings as of December&nbsp;31, 2017. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>26.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Fair value measurement </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fair value is the price that would be received to sell an asset or paid to
transfer a liability (exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy is used to measure fair value, as shown
below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9726;</TD>
<TD ALIGN="left" VALIGN="top">Level 1 &#150; Quoted prices (unadjusted) in active markets for identical assets and liabilities. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9726;</TD>
<TD ALIGN="left" VALIGN="top">Level 2 &#150; Inputs other than quoted prices included within Level&nbsp;1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9726;</TD>
<TD ALIGN="left" VALIGN="top">Level 3 &#150; Inputs for the assets and liabilities that are not based on observable market data (that is, unobservable inputs). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2017 and 2016, PagSeguro Group had financial investments whose fair value adjustments is classified as Level&nbsp;1. PagSeguro Group did
not have any other assets measured at fair value in 2017 and 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2016, derivative liabilities measured at fair value are
classified as Level&nbsp;2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There were no transfers between Levels 1, 2 and 3 during the year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PagSeguro Digital Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes to the consolidated financial </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>statements at
December 31, 2017 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(All amounts in thousands of reais unless otherwise stated) </B></P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>27.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other disclosures on cash flows </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-cash</FONT> investing and
financing activities </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer of assets and liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">399,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capitalization of related party transactions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The issuance of shares described in Note 18 refers to <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>28.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Subsequent events </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(i)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>IPO &#150; Initial Public Offering </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;26, 2018, PagSeguro Digital concluded its global
offering of 121,193,388 Class&nbsp;A common shares, of which 50,925,642 were new shares offered by PagSeguro Digital and 70,267,746 shares were offered by the controlling shareholder UOL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The initial offer price was US$21,50 per share. The shares are traded on the New York Stock Exchange (NYSE) since January&nbsp;24, 2018, under the symbol
&#147;PAGS&#148;. The proceeds received from the shares offered by PagSeguro Digital, excluding charges and underwriting fees, totaled approximately US$1,1&nbsp;billion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management expects that the proceeds received by PagSeguro Digital will be used for working capital purposes, future acquisitions and investments in
technologies and products complementary to the business. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(ii)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Long-Term Incentive Plan&#151;LTIP </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members of the Company&#146;s management participate in a Long-Term
Incentive Plan (&#147;LTIP&#148;), which was established by UOL for its group companies on July&nbsp;29, 2015 and has been adopted by PagSeguro Digital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beneficiaries under the LTIP were granted rights in the form of notional cash amounts without cash consideration. These rights vest in five equal annual
installments starting one year after the beneficiary&#146;s grant date, the earliest of which was on July&nbsp;29, 2015. Under the terms of the LTIP, upon the Company&#146;s IPO the vested portion of each beneficiary&#146;s LTIP rights may, at the
discretion of our Board of Directors, either be converted into Class&nbsp;A common shares of the Company at the IPO price or paid to the beneficiary in cash. The conversion rate applicable for any issuance of Class&nbsp;A common shares to be issued
in respect of vested LTIP rights may be adjusted, pursuant to each beneficiary&#146;s individual LTIP agreement, if our market capitalization at the date the Company&#146;s IPO is lower or, in some cases, higher than the reference market
capitalization set in the LTIP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result, upon the Company&#146;s IPO, the individual LTIP agreements of certain beneficiaries were adjusted to
determine conversion at the IPO of our Class&nbsp;A common shares. The Company&#146;s Board of Directors converted all such vested portions of the beneficiaries&#146; LTIP rights into Class&nbsp;A common shares of the Company at the IPO price,
without cash consideration, upon completion the IPO, instead of paying such vested portions in cash. As a result, members of the Company&#146;s management who are beneficiaries under the LTIP as a group received a total of 1,821,043 new Class&nbsp;A
common shares upon completion the IPO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The shares issued under the LTIP are subject to a <FONT STYLE="white-space:nowrap">one-year</FONT> <FONT
STYLE="white-space:nowrap">lock-up</FONT> period under the terms of the LTIP. Any shares that are issued on a subsequent vesting date during the first year after the IPO will be subject to the remainder of that same
<FONT STYLE="white-space:nowrap">lock-up</FONT> period, expiring one year after the closing of the IPO. After the close of that <FONT STYLE="white-space:nowrap">one-year</FONT> period, shares to be issued under the LTIP will no longer be subject to
a <FONT STYLE="white-space:nowrap">lock-up.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(iii)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Acquired an additional BIVA </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;15,2018, PagSeguro Brazil acquired an additional interest
of 15.82% in BIVA, bringing our total interest to 75.13% of BIVA&#146;s total share capital. The total amount paid for this acquisition was R$4,600.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-47 </P>

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<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>d580307dex121.htm
<DESCRIPTION>EX-12.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION PURSUANT TO RULES <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> AND <FONT STYLE="white-space:nowrap">15d-14(a)</FONT>
UNDER THE SECURITIES AND EXCHANGE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ACT OF 1934, AS AMENDED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Luis Frias, certify that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this Amendment No. 1 to the annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of PagSeguro Digital Ltd.; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
company as of, and for, the periods presented in this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The company&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
<FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT
STYLE="white-space:nowrap">15d-15(f))</FONT> for the company and have: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top">Disclosed in this report any change in the company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to
materially affect, the company&#146;s internal control over financial reporting; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#146;s auditors and the audit committee of the
company&#146;s board of directors (or persons performing the equivalent functions): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#146;s ability to record, process,
summarize and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&nbsp;4, 2018 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="100%"></TD></TR>


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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Luis Frias</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Luis Frias</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Principal Executive
Officer</P></TD></TR>
</TABLE></DIV>
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<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>d580307dex122.htm
<DESCRIPTION>EX-12.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION PURSUANT TO RULES <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> AND <FONT STYLE="white-space:nowrap">15d-14(a)</FONT>
UNDER THE SECURITIES AND EXCHANGE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ACT OF 1934, AS AMENDED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Eduardo Alcaro, certify that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this Amendment No. 1 to the annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of PagSeguro Digital Ltd.; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
company as of, and for, the periods presented in this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The company&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
<FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT
STYLE="white-space:nowrap">15d-15(f))</FONT> for the company and have: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top">Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top">Disclosed in this report any change in the company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to
materially affect, the company&#146;s internal control over financial reporting; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#146;s auditors and the audit committee of the
company&#146;s board of directors (or persons performing the equivalent functions): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#146;s ability to record, process,
summarize and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&nbsp;4, 2018 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eduardo Alcaro</TD></TR>
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Relations</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Officer and Chief Accounting Officer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a)&nbsp;and (b)&nbsp;of Section&nbsp;1350, Chapter&nbsp;63 of Title
18, United States Code), the undersigned officer of PagSeguro Digital Ltd. (the &#147;<B>Company</B>&#148;) does hereby certify, to such officer&#146;s knowledge, that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment No. 1 to the Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2017 of
the Company fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form <FONT STYLE="white-space:nowrap">20-F</FONT> fairly presents, in all material respects, the
financial condition and results of operations of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May&nbsp;4, 2018 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 13.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 </B></P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eduardo Alcaro</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial and Investor
Relations</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Officer and Chief Accounting Officer</P></TD></TR>
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  <!-- Unit Section -->
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<!-- ELement Id ifrs-full_OtherReceivables -->
  <ifrs-full:OtherReceivables contextRef="Context2" unitRef="Unit2" decimals="-3">27956000</ifrs-full:OtherReceivables>
  <ifrs-full:OtherReceivables contextRef="Context3" unitRef="Unit2" decimals="-3">4495000</ifrs-full:OtherReceivables>
  <ifrs-full:CurrentAssets contextRef="Context2" unitRef="Unit2" decimals="-3">4027953000</ifrs-full:CurrentAssets>
  <ifrs-full:CurrentAssets contextRef="Context3" unitRef="Unit2" decimals="-3">2270752000</ifrs-full:CurrentAssets>
  <ifrs-full:BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits contextRef="Context2" unitRef="Unit2" decimals="-3">872000</ifrs-full:BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits>
  <ifrs-full:BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits contextRef="Context3" unitRef="Unit2" decimals="-3">534000</ifrs-full:BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits>
  <ifrs-full:NoncurrentPrepayments contextRef="Context2" unitRef="Unit2" decimals="-3">160000</ifrs-full:NoncurrentPrepayments>
  <ifrs-full:NoncurrentPrepayments contextRef="Context3" unitRef="Unit2" decimals="-3">146000</ifrs-full:NoncurrentPrepayments>
  <ifrs-full:DeferredTaxAssets contextRef="Context2" unitRef="Unit2" decimals="-3">37015000</ifrs-full:DeferredTaxAssets>
  <ifrs-full:DeferredTaxAssets contextRef="Context3" unitRef="Unit2" decimals="-3">8305000</ifrs-full:DeferredTaxAssets>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context2" unitRef="Unit2" decimals="-3">10889000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context3" unitRef="Unit2" decimals="-3">4558000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context2" unitRef="Unit2" decimals="-3">158868000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context3" unitRef="Unit2" decimals="-3">86108000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:NoncurrentAssets contextRef="Context2" unitRef="Unit2" decimals="-3">207804000</ifrs-full:NoncurrentAssets>
  <ifrs-full:NoncurrentAssets contextRef="Context3" unitRef="Unit2" decimals="-3">99651000</ifrs-full:NoncurrentAssets>
  <ifrs-full:Assets contextRef="Context2" unitRef="Unit2" decimals="-3">4235757000</ifrs-full:Assets>
  <ifrs-full:Assets contextRef="Context3" unitRef="Unit2" decimals="-3">2370403000</ifrs-full:Assets>
  <pags:PayablesToThirdParties contextRef="Context2" unitRef="Unit2" decimals="-3">3080569000</pags:PayablesToThirdParties>
  <pags:PayablesToThirdParties contextRef="Context3" unitRef="Unit2" decimals="-3">1304031000</pags:PayablesToThirdParties>
<!-- ELement Id ifrs-full_TradeAndOtherCurrentPayables -->
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="Context2" unitRef="Unit2" decimals="-3">92444000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables contextRef="Context3" unitRef="Unit2" decimals="-3">61719000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties contextRef="Context2" unitRef="Unit2" decimals="-3">39101000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties contextRef="Context3" unitRef="Unit2" decimals="-3">76249000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:CurrentDerivativeFinancialLiabilities contextRef="Context2" unitRef="Unit2" decimals="-3">0</ifrs-full:CurrentDerivativeFinancialLiabilities>
  <ifrs-full:CurrentDerivativeFinancialLiabilities contextRef="Context3" unitRef="Unit2" decimals="-3">6613000</ifrs-full:CurrentDerivativeFinancialLiabilities>
  <ifrs-full:Borrowings contextRef="Context2" unitRef="Unit2" decimals="-3">0</ifrs-full:Borrowings>
  <ifrs-full:Borrowings contextRef="Context3" unitRef="Unit2" decimals="-3">205204000</ifrs-full:Borrowings>
  <pags:SalariesAndSocialCharges contextRef="Context2" unitRef="Unit2" decimals="-3">34269000</pags:SalariesAndSocialCharges>
  <pags:SalariesAndSocialCharges contextRef="Context3" unitRef="Unit2" decimals="-3">20269000</pags:SalariesAndSocialCharges>
  <ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="Context2" unitRef="Unit2" decimals="-3">52064000</ifrs-full:CurrentTaxLiabilitiesCurrent>
  <ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="Context3" unitRef="Unit2" decimals="-3">6911000</ifrs-full:CurrentTaxLiabilitiesCurrent>
  <ifrs-full:CurrentProvisions contextRef="Context2" unitRef="Unit2" decimals="-3">4648000</ifrs-full:CurrentProvisions>
  <ifrs-full:CurrentProvisions contextRef="Context3" unitRef="Unit2" decimals="-3">680000</ifrs-full:CurrentProvisions>
  <ifrs-full:DividendsPayable contextRef="Context2" unitRef="Unit2" decimals="-3">0</ifrs-full:DividendsPayable>
  <ifrs-full:DividendsPayable contextRef="Context3" unitRef="Unit2" decimals="-3">22243000</ifrs-full:DividendsPayable>
  <ifrs-full:OtherCurrentPayables contextRef="Context2" unitRef="Unit2" decimals="-3">15872000</ifrs-full:OtherCurrentPayables>
  <ifrs-full:OtherCurrentPayables contextRef="Context3" unitRef="Unit2" decimals="-3">15244000</ifrs-full:OtherCurrentPayables>
  <ifrs-full:CurrentLiabilities contextRef="Context2" unitRef="Unit2" decimals="-3">3318967000</ifrs-full:CurrentLiabilities>
  <ifrs-full:CurrentLiabilities contextRef="Context3" unitRef="Unit2" decimals="-3">1719163000</ifrs-full:CurrentLiabilities>
<!-- ELement Id ifrs-full_DeferredTaxLiabilities -->
  <ifrs-full:DeferredTaxLiabilities contextRef="Context2" unitRef="Unit2" decimals="-3">42809000</ifrs-full:DeferredTaxLiabilities>
  <ifrs-full:DeferredTaxLiabilities contextRef="Context3" unitRef="Unit2" decimals="-3">24378000</ifrs-full:DeferredTaxLiabilities>
  <ifrs-full:NoncurrentPayables contextRef="Context2" unitRef="Unit2" decimals="-3">3590000</ifrs-full:NoncurrentPayables>
  <ifrs-full:NoncurrentPayables contextRef="Context3" unitRef="Unit2" decimals="-3">0</ifrs-full:NoncurrentPayables>
  <ifrs-full:OtherNoncurrentPayables contextRef="Context2" unitRef="Unit2" decimals="-3">46399000</ifrs-full:OtherNoncurrentPayables>
  <ifrs-full:OtherNoncurrentPayables contextRef="Context3" unitRef="Unit2" decimals="-3">24378000</ifrs-full:OtherNoncurrentPayables>
  <ifrs-full:IssuedCapital contextRef="Context2" unitRef="Unit2" decimals="-3">524577000</ifrs-full:IssuedCapital>
  <ifrs-full:IssuedCapital contextRef="Context3" unitRef="Unit2" decimals="-3">524577000</ifrs-full:IssuedCapital>
  <ifrs-full:StatutoryReserve contextRef="Context2" unitRef="Unit2" decimals="-3">30216000</ifrs-full:StatutoryReserve>
  <ifrs-full:StatutoryReserve contextRef="Context3" unitRef="Unit2" decimals="-3">6277000</ifrs-full:StatutoryReserve>
  <pags:EquityValuationAdjustments contextRef="Context2" unitRef="Unit2" decimals="-3">55000</pags:EquityValuationAdjustments>
  <pags:EquityValuationAdjustments contextRef="Context3" unitRef="Unit2" decimals="-3">0</pags:EquityValuationAdjustments>
  <pags:EquityProfitRetentionReserve contextRef="Context2" unitRef="Unit2" decimals="-3">312047000</pags:EquityProfitRetentionReserve>
  <pags:EquityProfitRetentionReserve contextRef="Context3" unitRef="Unit2" decimals="-3">96008000</pags:EquityProfitRetentionReserve>
  <ifrs-full:NoncontrollingInterests contextRef="Context2" unitRef="Unit2" decimals="-3">3496000</ifrs-full:NoncontrollingInterests>
  <ifrs-full:NoncontrollingInterests contextRef="Context3" unitRef="Unit2" decimals="-3">0</ifrs-full:NoncontrollingInterests>
  <ifrs-full:Equity contextRef="Context2" unitRef="Unit2" decimals="-3">870391000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context3" unitRef="Unit2" decimals="-3">626862000</ifrs-full:Equity>
  <ifrs-full:EquityAndLiabilities contextRef="Context2" unitRef="Unit2" decimals="-3">4235757000</ifrs-full:EquityAndLiabilities>
  <ifrs-full:EquityAndLiabilities contextRef="Context3" unitRef="Unit2" decimals="-3">2370403000</ifrs-full:EquityAndLiabilities>
<!-- ELement Id ifrs-full_RevenueAndOperatingIncome -->
  <ifrs-full:RevenueAndOperatingIncome contextRef="Context1" unitRef="Unit2" decimals="-3">1224261000</ifrs-full:RevenueAndOperatingIncome>
  <ifrs-full:RevenueAndOperatingIncome contextRef="Context4" unitRef="Unit2" decimals="-3">480025000</ifrs-full:RevenueAndOperatingIncome>
  <ifrs-full:RevenueAndOperatingIncome contextRef="Context5" unitRef="Unit2" decimals="-3">268198000</ifrs-full:RevenueAndOperatingIncome>
  <ifrs-full:RevenueFromSaleOfGoods contextRef="Context1" unitRef="Unit2" decimals="-3">471924000</ifrs-full:RevenueFromSaleOfGoods>
  <ifrs-full:RevenueFromSaleOfGoods contextRef="Context4" unitRef="Unit2" decimals="-3">260594000</ifrs-full:RevenueFromSaleOfGoods>
  <ifrs-full:RevenueFromSaleOfGoods contextRef="Context5" unitRef="Unit2" decimals="-3">176517000</ifrs-full:RevenueFromSaleOfGoods>
  <ifrs-full:FinanceIncome contextRef="Context1" unitRef="Unit2" decimals="-3">818624000</ifrs-full:FinanceIncome>
  <ifrs-full:FinanceIncome contextRef="Context4" unitRef="Unit2" decimals="-3">392429000</ifrs-full:FinanceIncome>
  <ifrs-full:FinanceIncome contextRef="Context5" unitRef="Unit2" decimals="-3">219462000</ifrs-full:FinanceIncome>
  <ifrs-full:OtherIncome contextRef="Context1" unitRef="Unit2" decimals="-3">8576000</ifrs-full:OtherIncome>
  <ifrs-full:OtherIncome contextRef="Context4" unitRef="Unit2" decimals="-3">5337000</ifrs-full:OtherIncome>
  <ifrs-full:OtherIncome contextRef="Context5" unitRef="Unit2" decimals="-3">10744000</ifrs-full:OtherIncome>
  <ifrs-full:Revenue contextRef="Context1" unitRef="Unit2" decimals="-3">2523385000</ifrs-full:Revenue>
  <ifrs-full:Revenue contextRef="Context4" unitRef="Unit2" decimals="-3">1138385000</ifrs-full:Revenue>
  <ifrs-full:Revenue contextRef="Context5" unitRef="Unit2" decimals="-3">674920000</ifrs-full:Revenue>
  <ifrs-full:CostOfSales contextRef="Context1" unitRef="Unit2" decimals="-3">1324380000</ifrs-full:CostOfSales>
  <ifrs-full:CostOfSales contextRef="Context4" unitRef="Unit2" decimals="-3">623667000</ifrs-full:CostOfSales>
  <ifrs-full:CostOfSales contextRef="Context5" unitRef="Unit2" decimals="-3">382483000</ifrs-full:CostOfSales>
  <ifrs-full:SellingExpense contextRef="Context1" unitRef="Unit2" decimals="-3">245759000</ifrs-full:SellingExpense>
  <ifrs-full:SellingExpense contextRef="Context4" unitRef="Unit2" decimals="-3">199937000</ifrs-full:SellingExpense>
  <ifrs-full:SellingExpense contextRef="Context5" unitRef="Unit2" decimals="-3">162642000</ifrs-full:SellingExpense>
  <ifrs-full:AdministrativeExpense contextRef="Context1" unitRef="Unit2" decimals="-3">153177000</ifrs-full:AdministrativeExpense>
  <ifrs-full:AdministrativeExpense contextRef="Context4" unitRef="Unit2" decimals="-3">84461000</ifrs-full:AdministrativeExpense>
  <ifrs-full:AdministrativeExpense contextRef="Context5" unitRef="Unit2" decimals="-3">61129000</ifrs-full:AdministrativeExpense>
  <pags:FinancialExpenses contextRef="Context1" unitRef="Unit2" decimals="-3">104544000</pags:FinancialExpenses>
  <pags:FinancialExpenses contextRef="Context4" unitRef="Unit2" decimals="-3">68301000</pags:FinancialExpenses>
  <pags:FinancialExpenses contextRef="Context5" unitRef="Unit2" decimals="-3">29696000</pags:FinancialExpenses>
  <ifrs-full:OtherExpenseByNature contextRef="Context1" unitRef="Unit2" decimals="-3">12021000</ifrs-full:OtherExpenseByNature>
  <ifrs-full:OtherExpenseByNature contextRef="Context4" unitRef="Unit2" decimals="-3">6660000</ifrs-full:OtherExpenseByNature>
  <ifrs-full:OtherExpenseByNature contextRef="Context5" unitRef="Unit2" decimals="-3">-1345000</ifrs-full:OtherExpenseByNature>
<!-- ELement Id ifrs-full_ProfitLossBeforeTax -->
  <ifrs-full:ProfitLossBeforeTax contextRef="Context1" unitRef="Unit2" decimals="-3">683504000</ifrs-full:ProfitLossBeforeTax>
  <ifrs-full:ProfitLossBeforeTax contextRef="Context4" unitRef="Unit2" decimals="-3">155359000</ifrs-full:ProfitLossBeforeTax>
  <ifrs-full:ProfitLossBeforeTax contextRef="Context5" unitRef="Unit2" decimals="-3">40315000</ifrs-full:ProfitLossBeforeTax>
  <ifrs-full:CurrentTaxExpenseIncome contextRef="Context1" unitRef="Unit2" decimals="-3">-214988000</ifrs-full:CurrentTaxExpenseIncome>
  <ifrs-full:CurrentTaxExpenseIncome contextRef="Context4" unitRef="Unit2" decimals="-3">-7431000</ifrs-full:CurrentTaxExpenseIncome>
  <ifrs-full:CurrentTaxExpenseIncome contextRef="Context5" unitRef="Unit2" decimals="-3">-2587000</ifrs-full:CurrentTaxExpenseIncome>
  <ifrs-full:DeferredTaxExpenseIncome contextRef="Context1" unitRef="Unit2" decimals="-3">10278000</ifrs-full:DeferredTaxExpenseIncome>
  <ifrs-full:DeferredTaxExpenseIncome contextRef="Context4" unitRef="Unit2" decimals="-3">-20149000</ifrs-full:DeferredTaxExpenseIncome>
  <ifrs-full:DeferredTaxExpenseIncome contextRef="Context5" unitRef="Unit2" decimals="-3">-2239000</ifrs-full:DeferredTaxExpenseIncome>
  <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="Context1" unitRef="Unit2" decimals="-3">-204710000</ifrs-full:IncomeTaxExpenseContinuingOperations>
  <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="Context4" unitRef="Unit2" decimals="-3">-27580000</ifrs-full:IncomeTaxExpenseContinuingOperations>
  <ifrs-full:IncomeTaxExpenseContinuingOperations contextRef="Context5" unitRef="Unit2" decimals="-3">-4826000</ifrs-full:IncomeTaxExpenseContinuingOperations>
  <ifrs-full:ProfitLoss contextRef="Context1" unitRef="Unit2" decimals="-3">478794000</ifrs-full:ProfitLoss>
  <ifrs-full:ProfitLoss contextRef="Context4" unitRef="Unit2" decimals="-3">127779000</ifrs-full:ProfitLoss>
  <ifrs-full:ProfitLoss contextRef="Context5" unitRef="Unit2" decimals="-3">35490000</ifrs-full:ProfitLoss>
  <ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="Context1" unitRef="Unit2" decimals="-3">478781000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
  <ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="Context4" unitRef="Unit2" decimals="-3">127186000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
  <ifrs-full:ProfitLossAttributableToOwnersOfParent contextRef="Context5" unitRef="Unit2" decimals="-3">35084000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
  <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="Context1" unitRef="Unit2" decimals="-3">13000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
  <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="Context4" unitRef="Unit2" decimals="-3">593000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
  <ifrs-full:ProfitLossAttributableToNoncontrollingInterests contextRef="Context5" unitRef="Unit2" decimals="-3">406000</ifrs-full:ProfitLossAttributableToNoncontrollingInterests>
  <ifrs-full:BasicEarningsLossPerShareFromContinuingOperations contextRef="Context1" unitRef="Unit5" decimals="4">1.8254</ifrs-full:BasicEarningsLossPerShareFromContinuingOperations>
  <ifrs-full:BasicEarningsLossPerShareFromContinuingOperations contextRef="Context4" unitRef="Unit5" decimals="4">0.4849</ifrs-full:BasicEarningsLossPerShareFromContinuingOperations>
  <ifrs-full:BasicEarningsLossPerShareFromContinuingOperations contextRef="Context5" unitRef="Unit5" decimals="4">0.1338</ifrs-full:BasicEarningsLossPerShareFromContinuingOperations>
  <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="Context1" unitRef="Unit2" decimals="-3">55000</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
  <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="Context4" unitRef="Unit2" decimals="-3">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
  <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="Context5" unitRef="Unit2" decimals="-3">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
  <ifrs-full:ComprehensiveIncome contextRef="Context1" unitRef="Unit2" decimals="-3">478849000</ifrs-full:ComprehensiveIncome>
  <ifrs-full:ComprehensiveIncome contextRef="Context4" unitRef="Unit2" decimals="-3">127779000</ifrs-full:ComprehensiveIncome>
  <ifrs-full:ComprehensiveIncome contextRef="Context5" unitRef="Unit2" decimals="-3">35490000</ifrs-full:ComprehensiveIncome>
<!-- ELement Id ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent -->
  <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="Context1" unitRef="Unit2" decimals="-3">478836000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
  <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="Context4" unitRef="Unit2" decimals="-3">127186000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
  <ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent contextRef="Context5" unitRef="Unit2" decimals="-3">35084000</ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent>
  <ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests contextRef="Context1" unitRef="Unit2" decimals="-3">13000</ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests>
  <ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests contextRef="Context4" unitRef="Unit2" decimals="-3">593000</ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests>
  <ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests contextRef="Context5" unitRef="Unit2" decimals="-3">406000</ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests>
  <ifrs-full:Equity contextRef="Context6" unitRef="Unit2" decimals="-3">42568000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context7" unitRef="Unit2" decimals="-3">381569000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context8" unitRef="Unit2" decimals="-3">266000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context10" unitRef="Unit2" decimals="-3">380000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context12" unitRef="Unit2" decimals="-3">424783000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context13" unitRef="Unit2" decimals="-3">1780000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context14" unitRef="Unit2" decimals="-3">426563000</ifrs-full:Equity>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context16" unitRef="Unit2" decimals="-3">27209000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context20" unitRef="Unit2" decimals="-3">7873000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context21" unitRef="Unit2" decimals="-3">35082000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context22" unitRef="Unit2" decimals="-3">406000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context5" unitRef="Unit2" decimals="-3">35488000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ConstitutionOfLegalReserve contextRef="Context17" unitRef="Unit2" decimals="-3">490000</pags:ConstitutionOfLegalReserve>
  <pags:ConstitutionOfLegalReserve contextRef="Context20" unitRef="Unit2" decimals="-3">-490000</pags:ConstitutionOfLegalReserve>
  <ifrs-full:DividendsPaid contextRef="Context20" unitRef="Unit2" decimals="-3">-174000</ifrs-full:DividendsPaid>
  <ifrs-full:DividendsPaid contextRef="Context21" unitRef="Unit2" decimals="-3">-174000</ifrs-full:DividendsPaid>
  <ifrs-full:DividendsPaid contextRef="Context5" unitRef="Unit2" decimals="-3">-174000</ifrs-full:DividendsPaid>
  <pags:ProfitRetentionReserve contextRef="Context19" unitRef="Unit2" decimals="-3">7209000</pags:ProfitRetentionReserve>
  <pags:ProfitRetentionReserve contextRef="Context20" unitRef="Unit2" decimals="-3">-7209000</pags:ProfitRetentionReserve>
  <pags:ReclassificationOfNetParentInvestmentInConnectionWithSeparation contextRef="Context15" unitRef="Unit2" decimals="-3">399048000</pags:ReclassificationOfNetParentInvestmentInConnectionWithSeparation>
  <pags:ReclassificationOfNetParentInvestmentInConnectionWithSeparation contextRef="Context16" unitRef="Unit2" decimals="-3">-399048000</pags:ReclassificationOfNetParentInvestmentInConnectionWithSeparation>
  <ifrs-full:Equity contextRef="Context32" unitRef="Unit2" decimals="-3">441616000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context33" unitRef="Unit2" decimals="-3">9730000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context34" unitRef="Unit2" decimals="-3">757000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context36" unitRef="Unit2" decimals="-3">7588000</ifrs-full:Equity>
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  <ifrs-full:Equity contextRef="Context39" unitRef="Unit2" decimals="-3">2186000</ifrs-full:Equity>
  <ifrs-full:Equity contextRef="Context40" unitRef="Unit2" decimals="-3">461877000</ifrs-full:Equity>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context46" unitRef="Unit2" decimals="-3">127186000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context47" unitRef="Unit2" decimals="-3">127186000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context48" unitRef="Unit2" decimals="-3">593000</pags:ProfitLossNetIncomeForTheYear>
  <pags:ProfitLossNetIncomeForTheYear contextRef="Context4" unitRef="Unit2" decimals="-3">127779000</pags:ProfitLossNetIncomeForTheYear>
<!-- ELement Id ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary -->
  <ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary contextRef="Context46" unitRef="Unit2" decimals="-3">2779000</ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary>
  <ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary contextRef="Context47" unitRef="Unit2" decimals="-3">2779000</ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary>
  <ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary contextRef="Context48" unitRef="Unit2" decimals="-3">-2779000</ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary>
  <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="Context41" unitRef="Unit2" decimals="-3">26610000</ifrs-full:IncreaseDecreaseInWorkingCapital>
  <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="Context42" unitRef="Unit2" decimals="-3">36654000</ifrs-full:IncreaseDecreaseInWorkingCapital>
  <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="Context47" unitRef="Unit2" decimals="-3">63264000</ifrs-full:IncreaseDecreaseInWorkingCapital>
  <ifrs-full:IncreaseDecreaseInWorkingCapital contextRef="Context4" unitRef="Unit2" decimals="-3">63264000</ifrs-full:IncreaseDecreaseInWorkingCapital>
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  <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="Context5" unitRef="Unit2" decimals="-3">5689000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
  <ifrs-full:CashAndCashEquivalents contextRef="Context40" unitRef="Unit2" decimals="-3">6888000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:CashAndCashEquivalents contextRef="Context14" unitRef="Unit2" decimals="-3">1199000</ifrs-full:CashAndCashEquivalents>
  <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-indent:-.25in;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times,serif;font-size:14.0pt;&quot;&gt;1.&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times,serif;font-size:14.0pt;&quot;&gt;General information&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Digital Ltd. &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(&amp;#8220;PagSeguro Digital&amp;#8221;), a subsidiary of Universo Online S.A. (&amp;#8220;UOL&amp;#8221;), referred to together with its subsidiaries as &amp;#8220;PagSeguro Group&amp;#8221;, was incorporated on July&amp;#160;19, 2017. As described in Note 8 - Subsequent events, on January&amp;#160;4, 2018, Pagseguro Internet S.A. (&amp;#8220;PagSeguro Brazil&amp;#8221;) was contributed to PagSeguro Digital, PagSeguro Brazil no longer presents consolidated financial statements. PagSeguro Digital has control of 99.99% of the shares of PagSeguro Brazil. Refer to Note 8 for further details. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Brazil is a privately-held corporation established on January&amp;#160;20, 2006, headquartered in the city of S&amp;#227;o Paulo, Brazil, and engaged in providing financial technology solutions and services and the corresponding related activities, focused principally on micro-merchants and small and medium-sized businesses (&amp;#8220;SMEs&amp;#8221;). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The PagSeguro Brazil&amp;#39;s subsidiaries are Net+Phone Telecomunica&amp;#231;&amp;#245;es Ltda. (&amp;#8220;Net+Phone&amp;#8221;), Boa Compra Ltda. (&amp;#8220;Boa Compra&amp;#8221;), BCPS Online Services LDA. (&amp;#8220;BCPS&amp;#8221;), R2TECH Inform&amp;#225;tica S.A. (&amp;#8220;R2TECH&amp;#8221;), BIVACO Holding S.A (&amp;#8220;BIVA&amp;#8221;) and Fundo de Investimento em Direitos Credit&amp;#243;rios - PagSeguro (&amp;#8220;FIDC&amp;#8221;), for which the operations are described in note 4. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements include PagSeguro Brazil and its subsidiaries Net+Phone and Boa Compra, which are under entities under common control and were transferred to PagSeguro Brazil from its parent UOL on July&amp;#160;29, 2016 and were accounted for retrospectively in these consolidated financial statements at UOL&amp;#39;s carrying amounts. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additionally, UOL transferred net assets of its business related to the payment operations on August&amp;#160;1, 2015, which were also accounted for retrospectively as a transfer between entities under common control. For periods prior to the transfer date, the operations included in these consolidated financial statements were on a carve-out basis, and reflect an allocation of UOL costs using methods that the PagSeguro Group believes is reasonable. See details in Note 9. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On August&amp;#160;1, 2017, PagSeguro Brazil carried out a reverse share split of 2:1 shares which was approved and effective at the same date. As a consequence of the reverse share split, the share capital previously represented by 524,577,214 common shares, was reduced to 262,288,607 common shares. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The reverse share split was accounted retrospectively (Note 19). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
<!-- ELement Id ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory -->
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;2. &lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times,serif;font-size:14.0pt;&quot;&gt;Presentation and preparation of the consolidated financial statements and significant accounting policies&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.1 Preparation and presentation of the consolidated financial statements&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements include the financial statements of PagSeguro Digital and its subsidiaries, which are all under common control and were prepared exclusively for the purpose of presenting, on a comparative basis, operations in a consolidated manner, for the years ended December&amp;#160;31, 2017, 2016 and 2015. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The consolidated financial statements include the carve-out of PagSeguro Brazil operations for the periods prior to August&amp;#160;1, 2015, when its activities were still recorded in UOL&amp;#39;s financial statements. These financial statements, which have been derived from UOL&amp;#39;s accounting records, do not necessarily reflect PagSeguro Brazil financial position, results of operations, or cash flows that would have been recorded had PagSeguro Brazil been operating as a separate entity. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;From January&amp;#160;1, 2015 through July&amp;#160;31, 2015, when the PagSeguro Brazil financial statements were prepared on a carve out basis, certain assets and liabilities, revenues, costs and expenses directly related to the payment operations were controlled separately. Additionally, other indirect corporate expenses recorded at UOL were allocated to these carve-out financial statements based on assumptions that management believes are reasonable. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;), as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;). The consolidated financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the PagSeguro Group&amp;#39;s functional currency. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The consolidated financial statements have been prepared under the historical cost convention, which is modified for certain financial assets and liabilities (including derivative instruments) measured at fair value. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying PagSeguro Group&amp;#39;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group has adopted all pronouncements and interpretations issued by IASB that were in effect at December&amp;#160;31, 2017. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements for the years ended December&amp;#160;31, 2017, 2016 and 2015 were approved by PagSeguro Group&amp;#39;s Board of Directors at a meeting held on March 07, 2018. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.2 Consolidation&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Consolidated financial statements &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group consolidates all entities over which it has control, when it is exposed or has rights to variable returns on its interest in the investee, and has the ability to govern the investee&amp;#39;s relevant activities. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The subsidiaries included in the consolidation are described in Note 4. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsidiaries &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsidiaries are all entities over which PagSeguro Digital has control. Subsidiaries are fully consolidated from the date on which control is transferred to PagSeguro Digital. They are deconsolidated from the date that control ceases. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Identifiable assets acquired and liabilities and contingent liabilities assumed for the acquisition of subsidiaries in a business combination are measured initially at their fair values at the acquisition date.PagSeguro Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest&amp;#39;s proportionate share of the fair value of the acquiree&amp;#39;s identifiable net assets. Non-controlling interests are determined on each acquisition. Acquisition-related costs are accounted for in the statement of income as incurred. These accounting practices do not apply to transactions under common control. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transactions, balances and unrealized gains on intercompany transactions are eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the asset transferred. The accounting policies of the subsidiaries are changed, where necessary, to ensure consistency with the policies adopted by PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.3 Foreign currency translation&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or the dates of valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.4 Cash and cash equivalents&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents are held for the purpose of meeting short-term cash needs and not for investment or any other purposes. PagSeguro Group classifies as cash equivalents a financial investment that can be immediately converted into a known amount of cash and is subject to immaterial risk of change in value. PagSeguro Group classifies financial instruments with original maturities of three months or less as cash equivalents. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.5 Financial instruments - initial recognition and subsequent measurement&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;i) Financial assets &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Initial recognition and measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets are classified in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. PagSeguro Group does not classify its financial assets as held-to-maturity or available-for-sale. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derivatives are also categorized as measured at fair value through profit or loss unless they are designated as hedges. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the statement of income. Financial assets include cash and cash equivalents, current financial investments, note receivables, receivables from related parties, and other receivables. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsequent measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The subsequent measurement of financial assets depends on their classification, which may be as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Loans and receivables &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Loans and receivables are carried at amortized cost using the effective interest rate method. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets at fair value through profit or loss &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets at fair value through profit or loss are presented at fair value in the balance sheet, with the corresponding gains or losses recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group values its financial assets at fair value through profit or loss, as it intends to trade them within a short period of time. Reclassification to loans and receivables, available-for-sale financial assets or held-to-maturity investments depends on the nature of the asset. This valuation does not affect any financial assets designated at fair value through profit or loss at initial recognition, which cannot be subsequently reclassified. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derecognition &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;A financial asset or, where applicable, a part of a financial asset or part of a group of similar financial assets, is derecognized when: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The rights to receive cash flows from the asset expire; &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group transfers its rights to receive cash flows from the asset, or assumes an obligation to pay the received cash flows in full to a third party under a &amp;#8220;pass-through&amp;#8221; arrangement; and (a)&amp;#160;transfers virtually all the risks and benefits of the asset, or (b)&amp;#160;neither transfers nor retains virtually all the risks and benefits of the asset, but transfers control of the asset. &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When PagSeguro Group has transferred its rights to receive cash flows from an asset and has not transferred or retained substantially all the risks and benefits of the asset, this asset is recognized to the extent of PagSeguro Group&amp;#39;s continuing involvement in the asset. In such case, PagSeguro Group also recognizes an associated liability. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that PagSeguro Group has retained. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of the consideration that PagSeguro Group may be required to repay. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;ii) Impairment of financial assets &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group assesses, at the balance sheet date, if there is objective evidence that a financial asset or a group of financial assets is impaired. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of&amp;#160;impairment as a result of one or more events that occurred after the initial recognition of the asset (a &amp;#8220;loss event&amp;#8221;) and that loss&amp;#160;event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be&amp;#160;reliably estimated. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Evidence of impairment may include indication that the debtors are experiencing significant financial difficulty, probability that the debtor will enter bankruptcy or other financial reorganization, default or delinquency in interest or principal payments, and indication of a substantial decline in the estimated future cash flows, such as changes in maturity dates or economic conditions related to default. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;iii) Financial liabilities &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Initial recognition and measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities are classified as financial liabilities at fair value through profit or loss, other financial liabilities, or as derivatives&amp;#160;designated used for hedge, when appropriate. PagSeguro Group determines the classification of its financial liabilities at initial&amp;#160;recognition. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities are initially recognized at fair value and, in the case of other financial liabilities, plus directly related transaction&amp;#160;costs. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities include payables to third parties, payables to third parties of related parties, trade payables, trade payables of related parties, borrowings, and other payables. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsequent measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The subsequent measurement of financial liabilities depends on their classification, which may be as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities at fair value through profit or loss &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities and financial liabilities designated at fair value through profit or loss at initial recognition. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities are classified as held-for-trading if acquired for sale in the short term. This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gains and losses on held-for-trading liabilities are recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other financial liabilities &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost, using the effective interest rate method, and are recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in &amp;#8220;Financial expenses&amp;#8221; in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derecognition &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;A financial liability is derecognized when the obligation is discharged, canceled or expires. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;iv) Financial instruments - offsetting &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets and liabilities are presented net in the balance sheet if, and only if, there is an existing and enforceable legal right to offset the amounts recognized and an intention to offset or to realize the asset and settle the liability simultaneously. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;v) Fair value of financial instruments &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The fair value of financial instruments actively traded in organized markets is determined based on quoted market prices at the balance sheet date, without a deduction of transaction costs. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These techniques include the use of recent arm&amp;#39;s length transactions, reference to other similar instruments, discounted cash flow analysis or other valuation methods. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.6 Note receivables&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amounts are mainly related to receivables from credit/debit card issuers and acquirers originated from transactions through PagSeguro Group platform, and from the sales of credit/debit card readers. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The provision for impairment of note receivables, however based on PagSeguro Brazil&amp;#39;s risk assessment the need of provision is immaterial because the note receivables are mainly comprised of transactions approved by large financial institutions that have a low level risk based on ratings received from major credit rating agencies. Additionally, these financial institutions are the legal obligors to the note receivables. See Note 24. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Note receivables are initially recorded at the present value of expected future cash flows. The note receivables from installment transactions is an estimate based on the present value of the future cash flows, using average appropriate terms and rates, which are in accordance with the terms of these transactions. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group incurs financial expenses when an election to receive early payment of note receivables from financial institutions is made. The finance expense is recognized at the time the financial institution agrees to liquidate a note receivable due in installments on a prepaid basis, and it is recorded as Financial expenses in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.7 Inventories&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Inventories consist of debit and credit card readers. Inventories are stated at the lower of cost and net realizable value. The cost method used for inventories is the weighted moving average method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.8 Property and equipment&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Property and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and may also include finance costs related to the acquisition of qualifying assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsequent costs are included in the asset&amp;#39;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to PagSeguro Group and they can be measured reliably. The carrying amount of replaced items or parts is derecognized. All other repairs and maintenance expenses are charged to the statement of income during the year in which they are incurred. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The assets&amp;#39; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate. Depreciation is calculated under the straight-line method, based on the estimated useful lives as shown below (in years): &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;3&quot; valign=&quot;bottom&quot; width=&quot;15%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,5 to 5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,5 to 5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5 to 10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;An asset&amp;#39;s carrying amount is immediately written down to its recoverable amount when the asset&amp;#39;s carrying amount is greater than its&amp;#160;estimated recoverable amount. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts, and are recognized within &amp;#8220;Other&amp;#160;(expenses) income, net&amp;#8221; in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.9 Intangible assets&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Software licenses are capitalized on the basis of the costs incurred to acquire the software and bring it to use. These costs are amortized on the straight-line basis over the estimated useful life of the software (three to five years). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by PagSeguro Group are recognized as intangible assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Directly attributable costs, which are capitalized as part of the software product, include costs incurred with employees and expenses allocated to software development. Borrowing costs incurred during the software development period may also be capitalized. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other development expenditures that do not meet the capitalization criteria are expensed as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period, and are presented within &amp;#8220;Advisory and consulting&amp;#160;services&amp;#8221;. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Computer software development costs recognized as assets are amortized over the estimated useful life, which does not exceed five&amp;#160;years from the date that technological feasibility is met. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.10 Impairment of non-financial assets&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Non-financial assets are annually reviewed for impairment to determine whether there are any events or changes in economic and&amp;#160;technological conditions or in operations that may indicate that an asset is impaired. When applicable, such evidence is identified through the annual impairment test. In order to assess a non-financial asset, it is necessary to estimate its recoverable amount. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. When the carrying amount of an asset or cash generating unit exceeds its recoverable amount, a provision for impairment is established. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When estimating the value in use of an asset, the future estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects the weighted average cost of capital for the cash generating unit. The net sales price is determined, whenever possible, based on a firm sales contract entered into on an arm&amp;#39;s length basis, between well-informed and willing parties, adjusted by expenses attributable to the asset sale, or, when there is no firm sales contract, based on the price in an active market, or the most recent transaction price for similar assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group annually assesses whether there is any indication that a previously recognized impairment loss no longer exists or has decreased. If there is such indication, the asset&amp;#39;s recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&amp;#39;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the asset&amp;#39;s carrying amount does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized for the asset in prior years. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.11 Payables to third parties&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties refer to funds payable and amounts due to merchants that use PagSeguro Brazil platform. PagSeguro Group recognizes the fair value of the transaction which is the transaction amount, net of the transaction cost. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.12 Provisions&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Provisions are recognized when PagSeguro Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. When PagSeguro Group expects the value of a provision to be reimbursed, in whole or in part, for example, due to an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Expenses associated with any provisions are presented in the statement of income, net of any reimbursements. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group is a party to legal and administrative proceedings. Provisions are established for all contingencies referring to lawsuits for which it is probable that an outflow of funds will be necessary to settle the contingency/obligation and a reasonable estimate can be made. The assessment of the likelihood of loss includes the evaluation of available evidence, the hierarchy of laws, available case law, recent court decisions and their importance in the legal system, as well as the opinion of outside legal counsel. The provisions are reviewed and adjusted to reflect changes in circumstances. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.13 Revenue recognition&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Revenue comprises the fair value of the consideration received or receivable for the sale of services and goods in the ordinary course of PagSeguro Group&amp;#39;s activities. Revenue is presented net of sales and excise taxes and returns. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group recognizes revenue when: (i)&amp;#160;the amount of revenue can be reliably measured; (ii)&amp;#160;it is probable that future economic benefits will flow to PagSeguro Group; (iii)&amp;#160;recognized when control of a good or service is transferred to a customer; and (iv)&amp;#160;specific criteria have been met for PagSeguro Group&amp;#39;s activities. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group&amp;#39;s revenue substantially comprises: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Revenue from transaction activities and other services: Revenue from fees charged for intermediation of electronic payments, and other services such as prepaid cards, which are recognized at the time the purchase is approved by the financial institution. Revenues from fees charged for intermediation of electronic payments are recognized on a gross basis and related transaction costs are recognized as Cost of sales and services, since PagSeguro Group is considered to be the principal in the intermediation transaction. PagSeguro Group has primary responsibility for providing the services to customers and also directly sets the prices for such services, independently from the related transaction costs agreed between PagSeguro Group and the card schemes or card issuers; and &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Revenue from sales: Revenue from sales of credit and debit card readers and similar items, which is recognized at the time the risks and benefits are transferred and when control of a good is transferred to the customers, i.e., on delivery of the equipment. Under Brazilian consumer law, clients have seven days after ordering Point of Sale equipment (&amp;#8220;POS devices&amp;#8221;) in which to cancel the purchase. Returns of devices are accounted for as deductions from revenue from sales at the time the equipment is returned. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial income: is recognized as a result of the discount rate charged on the early payments of Payables to third parties (merchants). The income is recognized at the time the merchant agrees to receive a sale in installments on an early payment basis, and it is recorded as Financial income in the statement of income.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.14 Distribution of dividends and interest on own capital&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Distributions of dividends and interest on own capital to PagSeguro Brazil&amp;#39;s shareholders are recognized as a liability in the financial statements at year-end, based on the PagSeguro Brazil&amp;#39;s bylaws, which require the distribution of a minimum of 1% of the profit for the year as dividends. Any amount that exceeds the minimum required is only accrued on the date such distribution is approved by the shareholders at a General Meeting. However, these provisions do not exist under PagSeguro Digital Memorandum of Association. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The tax benefit of interest on own capital is recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.15 Current and deferred income tax and social contribution&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Current income tax and social contribution &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Tax assets and liabilities for the current year are calculated based on the expected recoverable amount or the amount payable to the tax authorities. The tax rates and tax laws used to calculate the amount are those enacted or substantively enacted at the balance sheet date in the countries where PagSeguro Group operates and generates taxable income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Current income tax and social contribution related to items recognized directly in equity are recognized in equity. PagSeguro Group periodically evaluates the tax positions involving interpretation of tax regulations and establishes provisions when appropriate. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred taxes &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred taxes arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts at the balance sheet date. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax liabilities are recognized for all taxable temporary differences, except in the following situations: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On temporary tax differences related to investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets are recognized on all deductible temporary differences and tax loss carryforwards, to the extent that it is probable that taxable profit will be available against which they can be offset, except when the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss; and &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets are recognized on the deductible temporary differences associated with investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary differences can be utilized.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The carrying amount of deferred tax assets is reviewed at each balance sheet date and a deferred tax asset is recognized to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reviewed, at each balance sheet date, and recognized to the extent that it is probable that future taxable profit will be available to allow their utilization. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Based on the local law of Cayman (The Companies Law of 1960), there is no taxation on the income earned in the companies based in this locality, therefore, we do not have tax impacts for the PagSeguro Digital. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;For the subsidiaries of PagSeguro Digital, deferred tax assets and liabilities are measured using the prevailing tax rates in the year in which the assets will be realized and the liabilities will be settled. The currently defined tax rates of 25% for income tax and 9% for social contribution are used to calculate deferred taxes. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets and liabilities are presented on a net basis when there is a legally or contractually enforceable right to offset the tax asset against the tax liability, and the deferred taxes are related to the same taxable entity and subject to the same tax authority. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.16 Employee benefits - Benefits of performance&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group recognizes a liability and an expense for benefits of performance based on a methodology that takes into consideration the target of performance attributed to PagSeguro Group&amp;#39;s stockholders after certain adjustments. PagSeguro Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.17 Business combination&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group accounts for business combinations using the acquisition method. The cost of an acquisition is measured as the sum of the consideration transferred, based on its fair value on the acquisition date. Costs directly attributable to the acquisition are expensed as incurred. The assets acquired, and liabilities assumed are measured at fair value, classified and allocated according to the contractual terms, economic circumstances and relevant conditions on the acquisition date. Goodwill is measured as the excess of the consideration transferred over the fair value of net assets acquired. If the consideration transferred is smaller than the fair value of net assets acquired, the difference is recognized as a gain on bargain purchase in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.18 New standards not yet effective&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The following new standards have been issued by IASB, but are not effective for 2017: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IFRS 16 - &amp;#8220;Leases&amp;#8221; - this new standard requires lessees to recognize the liability of the future payments and the right of use of the leased asset for virtually all lease contracts, including operating leases. Certain short-term and low-value contracts may be out of the scope of this new standard. The criteria for recognition and measurement of leases in the financial statements of the lessors are substantially maintained. IFRS 16 is effective for years beginning on or after January&amp;#160;1, 2019 and replaces IAS 17 - &amp;#8220;Leases&amp;#8221; and related interpretations. Management has performed a preliminary assessment and did not identify any material impacts to date. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;There are no other IFRS or IFRIC interpretations not yet effective that could have a material impact on PagSeguro Group financial statements. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.19 New and revised pronouncements in effect&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The following new standards have been issued by IASB: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IFRS 9 - &amp;#8220;Financial Instruments&amp;#8221;: addresses the classification, measurement and recognition of financial assets and liabilities. The complete version of IFRS 9 was issued in July 2014 and is effective as from January&amp;#160;1, 2018. It replaces the guidance included in IAS 39 related to the classification and measurement of financial instruments. The main amendments brought by IFRS 9 are: (i)&amp;#160;new criteria for the classification of financial assets; (ii)&amp;#160;new impairment model for financial assets, which is based on expected losses, replacing the current model of incurred losses; and (iii) relaxation of the new requirements for the adoption of hedge accounting. Management evaluated the new guidelines introduced by IFRS 9 and did not identify any material impact for PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IFRS 15 - &amp;#8220;Revenue from Contracts with Customers&amp;#8221;: this new standard introduces the principles to be applied by an entity to determine the measurement and recognition of revenue. This standard is based on the principle that revenue is recognized when control of a good or service is transferred to a customer, and, therefore, the principle of control will replace the principle of risks and benefits. This standard will replace IAS 11 - &amp;#8220;Construction Contracts&amp;#8221;, IAS 18 - &amp;#8220;Revenues&amp;#8221; and related interpretations, and becomes effective on January&amp;#160;1, 2018. Management evaluated the new guidelines introduced by IFRS 15 and did not identify any material impact for PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Therefore, changes to standards or new pronouncements applicable to the years presented in the consolidated financial statements were not relevant to PagSeguro Group, for retrospective disclosure and disclosure of amounts. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
  <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;3. Critical accounting estimates and judgments&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Based on assumptions, PagSeguro Group makes estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Estimated useful life of intangible assets &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group uses an estimated useful life to calculate and record the amortization applied to its intangible assets which may differ from the actual term over which the intangible assets are expected to generate benefits for PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amortization of software usage rights is defined based on the effective period of the license contracted. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amortization of internally developed software is defined based on the period over which the software will generate future economic benefits. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred income tax and social contribution &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group recognizes deferred income tax and social contribution based on future taxable profit estimates for the next ten years. These projections are periodically reviewed and approved by management. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(c)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Provision for contingencies &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group recognizes provisions for civil and labor suits. The assessment of probability of loss includes assessing the available evidence and jurisprudence, the hierarchy of laws and most recent court decisions. Provisions are reviewed and adjusted to take into account changes in circumstances such as the applicable limitation period, findings of tax inspections and additional exposures identified based on new issues or decisions of courts. &lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
  <ifrs-full:DisclosureOfBasisOfConsolidationExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;4. Consolidation of subsidiaries&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;21&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;At&amp;#160;December&amp;#160;31,&amp;#160;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Company&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Equity&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Ownership&lt;br /&gt; - %&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Level&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,553,504&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,686,516&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;866,988&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;974,260&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;43,958&lt;/font&gt;&lt;/p&gt; 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&lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,441&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.99&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;629,246&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;609,284&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;19,962&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,715&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.99&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BCPS&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,236&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;251&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;985&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;429&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.50&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;R2TECH&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,460&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;894&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,307&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;51.00&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BIVA&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,482&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;752&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,569&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;59.31&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;FIDC&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;182,163&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;404&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;181,759&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,758&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;100&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Operations of the subsidiaries &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Brazil: is engaged in providing financial technology solutions and services and the corresponding related activities. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Brazil has investments in the following companies:&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net+Phone: Is mainly engaged in acquisition and selling POS (Point of sale) devices and similar items. On July 29, 2016, UOL transferred its investment in Net+Phone to PagSeguro Brazil, as a capital contribution, in the amount of R$ 44,317.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Boa Compra: Allows its clients to operate cross-border transactions where the merchant and consumer are located in different countries across Latin America, Spain, Portugal and Turkey. On April 5, 2011, UBN Internet Ltda. (&amp;#8220;UBN&amp;#8221;), a subsidiary of UOL, acquired a 51% equity interest in Boa Compra. On July 26, 2013, UBN acquired additional 24% equity interest, increasing its total ownership in Boa Compra to 75%. In May 2016, UBN acquired the remaining 25% equity interest, becoming the owner of 100% of Boa Compra. On July 29, 2016, UBN&amp;#39;s equity interest in Boa Compra was spun off to its parent company UOL. Subsequently, UOL transferred its 100% equity interest in Boa Compra to PagSeguro Brazil as a capital contribution, in the total amount of R$ 12,034.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BCPS: On January 1, 2017, PagSeguro Brazil acquired 99.5% of the share capital and obtained the control of BCPS. BCPS&amp;#39;s main activity is to enable clients of the PagSeguro Brazil Group to operate cross-border transactions where the merchant and the consumer are located in different countries of Latin America, Spain, Portugal and Turkey.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;R2TECH: On May 2, 2017, PagSeguro Brazil acquired 51% of the share capital and obtained the control of R2TECH. R2TECH&amp;#39;s main activity is in the information technology industry, focused on the processing of back-office solutions, including sales reconciliation, gateway solutions and services, the capture of credit cards with administrators and acquirers.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BIVA: On October 3, 2017, PagSeguro Brazil acquired a controlling interest of 51.41% in BIVACO Holdings SA, whose main objective is to acquire participations in other companies, commercial or civil, as partner, shareholder or quotaholder, as well as the management of these holdings. In November 2017, PagSeguro Brazil acquired an additional interest in BIVA, bringing our total interest to 59.3% of BIVA&amp;#39;s. BIVA has investments in the following subsidiaries:&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Wingdings;font-size:10.0pt;&quot;&gt;&amp;#167;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Biva Servi&amp;#231;os Financeiros S.A : whose main objective is the intermediation between investors, financial institution and credit borrowers by medium of electronic platform;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Wingdings;font-size:10.0pt;&quot;&gt;&amp;#167;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Biva Correspondente Banc&amp;#225;rio Ltda: whose main objective is to structure financing for small and medium enterprises following the model crowdfunding, in the peer-to-peer modality.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.25in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;FIDC: On October 4, 2017, FIDC was constituted for the purpose of acquiring payables to third parties held by PagSeguro Brazil (&amp;#8220;Assignor&amp;#8221;). PagSeguro Brazil consolidates the financial statements of FIDC, which represents an investment fund constituted to finance the growth of PagSeguro Brazil&amp;#39;s early payment of receivables feature. The consolidation is justified by the fact that the risks of default and the responsibility for expenses and administration related to the FIDC are linked to subordinated quotas held by the PagSeguro Brazil.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBasisOfConsolidationExplanatory>
  <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;5. Segment reporting&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Operating segments are reported consistently with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, responsible for allocating resources and assessing the performance of the operating segments is the Board of Directors, which is also responsible for making PagSeguro Group strategic decisions. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Considering that all decisions are based on consolidated reports, and that all decisions related to strategic and financial planning, purchases, investments and the allocation of funds are made on a consolidated basis, PagSeguro Group and its subsidiaries operate in a single segment, as payment arrangement agents. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group is domiciled in Brazil and has revenue arising from local customers and customers located abroad. The main revenue consists of sales to the domestic market. The international market represents 2%, 5% and 8% for the years 2017, 2016 and 2015 respectively. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
  <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;6. Cash and cash equivalents&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Short-term bank deposits&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;66,767&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;66,767&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,969&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents are held for the purpose of meeting short-term cash needs and include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three months or less, and with immaterial risk of change in value. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
  <pags:DisclosureOfCurrentIvestmentsExplanatoryTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;7. Financial investments&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Short-term investments consist of two repurchase agreements, with an average return of 96.0% of the Interbank Deposit Certificate (CDI). This financial asset was classified as fair value through profit and loss. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfCurrentIvestmentsExplanatoryTextBlock>
  <pags:DisclosureOfTradeReceivablesExplanatoryTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;8. 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;26&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Legal obligors&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Visa&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Master&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Hipercard&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Visa&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Master&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Ita&amp;#250;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;237,335&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;751,542&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;250,817&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,239,694&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99,433&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;244,741&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;344,174&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bradesco&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;333,108&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;83,160&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;416,268&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;115,009&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;36,032&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;151,041&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Banco do Brasil&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;287,334&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;84,504&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;371,838&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;91,414&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;29,425&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;120,839&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;CEF&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;69,974&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;83,684&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;153,658&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,837&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30,979&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;54,816&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Santander&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;122,614&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;310,946&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;433,560&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;48,695&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,085&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;127,780&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;141,802&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;393,999&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;535,801&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;50,716&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;93,473&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;144,189&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total card issuers (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,192,167&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,707,835&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;250,817&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,150,819&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;429,104&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;513,735&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;942,839&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;56,025&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,090&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;31,864&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24,804&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total acquirers (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;991&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;991&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total note receivables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,192,167&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,707,835&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;250,817&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,522,349&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;429,104&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;513,735&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,715,514&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa or Mastercard. However, PagSeguro Brazil&amp;#39;s contractual note receivables are with the financial institutions, which are the legal obligors on the note receivables. Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa or Mastercard, as applicable, in the event that the legal obligors do not make payment. PagSeguro Brazil started operating directly as a financial intermediary in 2016.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Acquirers: refers to card processing transactions to be received from the acquirers, which are third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil. This balance also includes the receivables from sales of debit and credit card readers.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The maturity analysis of note receivables is as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 30 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,213,929&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;970,086&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 31 to 120 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,045,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;609,689&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 121 to 180 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;114,953&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;43,144&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 181 to 360 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;147,642&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;92,595&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,522,349&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,715,514&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfTradeReceivablesExplanatoryTextBlock>
  <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;9. Related-party balances and transactions&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group is controlled by UOL (incorporated in Brazil), which owns 99.99% of the shares as of December&amp;#160;31, 2017, prior to PagSeguro&amp;#39;s Digital initial public offering in January 2018. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;i.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Balances and transactions with related parties: &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Receivables&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Payables&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Receivables&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Payables&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Immediate parent&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;745&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,196&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Livraria da Folha Ltda.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,078&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,285&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Empresa Folha da Manh&amp;#227; S/A&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,320&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;21&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Others&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; 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&lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(a)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The receivables/payables with related parties arising from cash management are settled within one month and are free of interest. Shared service costs are offset with these balances. The receivables are unsecured in nature and no provisions are held against receivables from related parties. &lt;br /&gt; In April and September 2017, PagSeguro Brazil decided to settle a portion of its outstanding balance with related parties, as described below. &lt;br /&gt; On April 30, 2017, PagSeguro Brazil approved the settlement of R$22,149 related to interest on own capital that was distributed with respect to the year ended December 31, 2016. PagSeguro Brazil agreed with UOL that the full amount of this outstanding interest on own capital would be offset against receivables under the centralized cash management with UOL. &lt;br /&gt; In addition, as described in Note 19, on September 29, 2017 PagSeguro Brazil approved and distributed a total of R$238,803 in dividends, consisting of (i) dividends related to the year ended December 31, 2016 in the amount of R$96,008; and (ii) dividends related to the six-month period ended June 30, 2017 in the amount of R$142,794. PagSeguro Brazil agreed with UOL to offset R$184,530 from the total amount of R$238,803 against receivables under the centralized cash management with UOL and that PagSeguro Brazil would pay the remaining balance of R$54,273 in cash to UOL.&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(b)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Sale of services refers mainly to purchase of (i) advertising services from UOL and (ii) services related to technical support in computing and hosting from UOL Diveo Tecnologia Ltda. (&amp;#8220;UOL Diveo&amp;#8221;), which started in 2016. &lt;br /&gt; In addition, during 2016, an amount of R$ 63,264 (composed by R$ 26,610 and R$ 36,654) previously recorded as accounts payable was used for capital contributions, as described in Note 19.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Revenue&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Expense&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Revenue&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Expense&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Revenue&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Expense&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Immediate parent&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL - shared service costs (a)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;58,375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;12,369&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL - shared service costs - carved out (b)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL - sales of services (c)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;36,737&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Affiliated companies&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL Diveo - shared service costs (e)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,710&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL Diveo - sales of services (f)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,953&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Livraria da Folha Ltda.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;347&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;316&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;130&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;137,885&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;857&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;84,427&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(a)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Shared services costs mainly related to (i) payroll costs, (ii) IT structure / software and (iii) rental costs are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements. Such costs are included in administrative expenses. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(b)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The main costs that the UOL Group allocated to PagSeguro Brazil (based on the number of employees and/or the time worked, basis that management believes is reasonable), are (i) payroll costs, (ii) IT structure / software and (iii) rental costs. The allocated costs to the carve-out financial statements are included in administrative expenses. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(c)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Sale of services related to advertising services are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(d)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Sales of services related to advertising services were allocated based on intercompany cost, a basis that management believes is reasonable from January 2014 through July 2015. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(e)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Shared services costs are incurred by the affiliated company UOL Diveo and are charged to PagSeguro Brazil pursuant to contractual agreements. The main costs are related to IT structure/software. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(f)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Sale of services from the affiliated company UOL Diveo related to technical support in computing and hosting services (started in 2016) and are charged to PagSeguro Brazil pursuant to contractual agreements.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;ii.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Key management compensation &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Key management personnel includes only short term benefits of PagSeguro Group executive officers. In 2017, the total compensation paid to the executive officers amounted to R$&amp;#160;3,487, (R$&amp;#160;2,658 and R$&amp;#160;2,243 in 2016 and 2015, respectively). &lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
  <ifrs-full:DisclosureOfBusinessCombinationsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;10. Business combinations&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The acquisitions described below are in accordance with PagSeguro&amp;#39;s Digital business strategies, as well as the products offered by them and their client portfolio. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Book&amp;#160;value&amp;#160;of&lt;br /&gt; purchased&lt;br /&gt; entities&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Purchase&lt;/font&gt;&lt;/b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&lt;br /&gt; &lt;/font&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;accounting&lt;/font&gt;&lt;/b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&lt;br /&gt; &lt;/font&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;adjustment&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Fair&amp;#160;value&amp;#160;of&lt;br /&gt; assets and&lt;br /&gt; liabilities&lt;br /&gt; acquired&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The assets and liabilities arising from the acquisition&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;51&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;51&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Assets acquired&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,598&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,598&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Liabilities assumed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,312&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,312&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Property, plant and equipment and intangible assets&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;643&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,141&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Value of net assets&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,980&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,478&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Goodwill&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,184&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bargain purchase gain&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(87&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(87&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Purchase cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,077&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,077&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Consideration for the purchase settled in cash&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,276&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents at the subsidiary acquired&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(51&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amount paid on acquisitions less cash and cash equivalents acquired&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,225&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;a)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BCPS &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On January&amp;#160;1, 2017, PagSeguro Brazil acquired 99.5% of the share capital and obtained the control of BCPS. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amount paid in the acquisition was R$406, which was settled in cash on that date. The fair value of the acquired assets, amounting R$568, and the assumed liabilities amounting of R$75 at the acquisition date are substantially similar to their book value. A bargain purchase gain of R$87 arose from the acquisition of BCPS. The impacts of the acquisition were not considered material to PagSeguro Brazil. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;b)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;R2TECH &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On May&amp;#160;2, 2017, PagSeguro Brazil acquired 51% of the share capital and obtained control of R2TECH. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The consideration for the purchase was R$9,200, of which R$2,940 was settled in cash on the acquisition date and R$460 was paid on August&amp;#160;14, 2017. R$2,300 and R$3,500 are variable installments, subject to the attainment of some specific targets for the year of 2017 and 2018, respectively, established in the acquisition agreement, with payment deadline up to 10 business days after the conclusion of the Company&amp;#39;s audited financial statements. Based on current management expectations, these performance goals will be achieved. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The fair value of the assets acquired, in the amount of R$348, and the liabilities assumed, in the amount of R $215 on the acquisition date, is substantially similar to their book value. The goodwill of R$9,067 arising from the acquisition is attributable to the future profitability of the business and the synergy with the products offered by the PagSeguro Group. During the year ended December&amp;#160;31, 2017, PagSeguro Group identified some changes to the initial purchase price allocation (PPA), which were completed in the measurement period as defined in IFRS, as shown below: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Intangible assets-Portfolio of customers: the fair value attributed to the Customer Portfolio was R$ 768, using the real discount rate (without inflationary effects) of 15.30%; &lt;br /&gt; &lt;br /&gt; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Intangible assets-Non-competition: the value of the fair value assigned was R$242, using the real discount rate (without inflationary effects) of 15.30%; &lt;br /&gt; &lt;br /&gt; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;iii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Intangible assets-Right-to-use software: the fair value was R$1,488, using the real discount rate (without inflationary effects) of 15.30%.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;c)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BIVA &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On October&amp;#160;3, 2017, PagSeguro Brazil acquired control with the acquisition of a 51.41% interest in Bivaco Holding SA. On November&amp;#160;30, 2017 there was an additional interest of 7.90 was acquired, increasing PagSeguro Brazil&amp;#39;s interest to 59,31%. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The total consideration paid for the purchases was R$18,470, which was settled in cash on the acquisition date. The fair value of the assets acquired, in the amount of R$2,350 and the liabilities assumed, in the amount of R$997 on the acquisition date, are substantially similar to their book value. The goodwill of R$17,117 arising from the acquisition is attributable to the future profitability of the business in synergy with the products offered by PagSeguro Group. The purchase price allocation may be subject to changes in the measurement period as defined in IFRS. &lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
  <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;11. Property and equipment&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Property and equipment is composed as follows: &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;br /&gt; depreciation&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;11,024&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,114&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,910&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;53&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(23&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,738&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(444&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,294&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;397&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(66&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;331&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;263&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;234&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;132&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;90&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16,607&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,718&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; 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&lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;81%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;81%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;br /&gt; depreciation&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;81%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,574&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,692&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,882&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;81%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;52&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(19&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;33&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;81%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;548&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(140&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;408&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;81%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;190&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(40&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;150&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;81%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(15&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;85&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;81%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,558&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;81%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The changes in cost and accumulated depreciation were as follows: &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Data&lt;br /&gt; processing&lt;br /&gt; equipment&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Machinery&lt;br /&gt; and&lt;br /&gt; equipment&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Furniture&lt;br /&gt; and&lt;br /&gt; fittings&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Leasehold&lt;br /&gt; improvements&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,574&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;52&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;548&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;190&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;100&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,464&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,692&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(19&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(140&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(40&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(15&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,906&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,882&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;33&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;408&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;150&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Opening balance&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,882&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;33&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;408&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;150&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;85&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,558&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Purchases&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,316&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,171&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;176&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;94&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;114&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,873&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Acquisition of subsidiary&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;134&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;19&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;31&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;69&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;18&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;271&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,422&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(4&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(304&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,910&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,294&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;331&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;234&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;90&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,889&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;11,024&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;53&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,738&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;397&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;263&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;132&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,114&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(23&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(444&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(66&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(42&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,718&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,910&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,294&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;331&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;234&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;90&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,889&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
<!-- ELement Id ifrs-full_DisclosureOfIntangibleAssetsExplanatory -->
  <ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;12. Intangible assets&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Intangible assets are composed as follows: &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;br /&gt; amortization&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Expenditures related to software and technology (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;241,490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(115,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Software licenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,510&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,043&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Customer relationships&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,981&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(91&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,890&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Goodwill (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;276,667&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(117,799&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;158,868&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;br /&gt; amortization&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Expenditures related to software and technology (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;143,989&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(61,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;82,131&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;149,382&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,274&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;PagSeguro Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives, within a range from three to five years. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Goodwill provided on the acquisition of the companies R2TECH and BIVA as described in Note 10.&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;100%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The changes in cost and accumulated amortization were as follows: &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Expenditures&amp;#160;with&lt;br /&gt; software and&lt;br /&gt; technology&amp;#160;(i)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Software&lt;br /&gt; licenses&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Customer&lt;br /&gt; relationships&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Goodwill&amp;#160;(ii)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;143,989&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,393&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;149,382&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(61,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,274&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;82,131&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,977&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;86,108&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Opening balance&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;82,131&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,977&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;86,108&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additions&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;97,491&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,210&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;971&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,184&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,856&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Acquisition of subsidiary&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,419&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,429&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,488&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,010&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(53,807&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(627&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(91&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(54,526&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,890&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;158,868&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;241,490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,510&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,981&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;276,667&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(115,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,043&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(91&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(117,799&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,890&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;158,868&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
  <pags:DisclosureOfPayablesToThirdPartiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;13. Payables to third parties&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties correspond to amounts to be paid to commercial establishments with respect to transactions carried out by their card holders, net of the intermediation fees and discounts applied. PagSeguro Brazil&amp;#39;s average settlement terms agreed upon with commercial establishments is up to 30 days. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfPayablesToThirdPartiesTextBlock>
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&lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;44%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Type&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Interest&amp;#160;rate&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Average&lt;br /&gt; annual&lt;br /&gt; interest&amp;#160;rate&amp;#160;%&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Maturity&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;br /&gt; 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;br /&gt; 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;44%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings in foreign currency&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;44%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bank Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Fixed&amp;#160;interest&amp;#160;rates&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,36365&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;%&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;January&amp;#160;2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;133,874&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;44%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bank Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Fixed interest rates&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,86450&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;%&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;March 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;71,330&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;In July 2016, PagSeguro Brazil obtained a borrowing denominated in foreign currency in the amount of US$&amp;#160;40,000&amp;#160;thousand, equivalent to approximately R$&amp;#160;129,390, maturing in January 2017. In addition, in September 2016, PagSeguro Brazil obtained another borrowing in foreign currency in the amount of US$&amp;#160;21,766&amp;#160;thousand, equivalent to approximately R$&amp;#160;70,000, maturing in March 2017. At the same time, PagSeguro Brazil contracted derivatives (Swaps) for both borrowings, for the specific purpose of protecting them against exchange rate fluctuations. The derivative rate corresponds to 110% of the average daily interest rate of the Interbank Deposits (DIs). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on borrowings were paid at the maturities of the transactions, together with the total settlement of the financial instruments during the year ended December&amp;#160;31, 2017. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The borrowing agreements did not contain any collateral clauses or covenants to be complied with by PagSeguro Brazil. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
  <pags:DisclosureOfSalariesAndSocialChargesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;15. Salaries and social charges&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Profit sharing&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,237&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,696&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Salaries payable&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,758&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,682&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social charges&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,102&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,225&lt;/font&gt;&lt;/p&gt; 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Taxes and contributions&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Taxes&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Services tax (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;14,837&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,382&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Value-added tax on sales and services (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,830&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,596&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social integration program (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,918&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,690&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social contribution on revenues (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;59,358&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16,544&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution (iv)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;35,474&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,264&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;690&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;124,681&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24,902&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Judicial deposits (v)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Services tax&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(11,375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Value-added tax on sales and services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social integration program&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,188&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,516&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social contribution on revenues&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(50,389&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(15,475&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(72,617&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(17,991&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;52,064&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,911&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Refers to taxes on revenue from transaction activities. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Refers to the Value-added Tax on Sales and Services (ICMS) amounts due by Net+Phone, related to tax substitution and tax rate differential, applied on sales of credit and debit card readers. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(iv)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Refers to the income tax and social contribution payable on current income taxes and contribution. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(v)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;PagSeguro Group obtained court decisions to deposit the amount related to the payments in escrow for matters discussed in items &amp;#8220;i&amp;#8221;, &amp;#8220;ii&amp;#8221; and &amp;#8220;iii&amp;#8221; above.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfTaxesAndContributionsTextBlock>
  <pags:DisclosureOfProvisionForContingenciesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;17. Provision for contingencies&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Some companies of PagSeguro Group are party to labor and civil litigation in progress and are discussing such matters at the administrative and judicial levels, which, when applicable, are supported by judicial deposits. The provisions for probable losses arising from these matters are estimated and periodically adjusted by management, supported by the opinion of its external legal advisors. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2017&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2016&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Civil&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;555&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Labor&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;322&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Current&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,648&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;680&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group is a party on tax lawsuits involving risks classified by legal advisors as possible losses of approximately R$25,800 and R$29,726, for the years ended in December&amp;#160;31, 2016 and 2017, respectively. PagSeguro Group is not party on civil and labor lawsuits classified by management as possible losses. &lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfProvisionForContingenciesTextBlock>
  <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;18. Income tax and social contribution&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a) Deferred income tax and social contribution: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; 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&lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Tax losses&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Tax credit&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Technological&lt;br /&gt; inovation (i)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Other&lt;br /&gt; temporary&lt;br /&gt; differences-&lt;br /&gt; ASSETS&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Other&lt;br /&gt; temporary&lt;br /&gt; differences-&lt;br /&gt; LIABILITY&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2015&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,363&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(6,257&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,363&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;469&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Included in the statement of income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,312&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,121&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;284&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(20,149&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Taken directly to equity&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,606&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,606&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,051&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,606&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(24,378&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,647&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(16,074&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Included in the statement of income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;436&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(721&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(16,814&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,995&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,616&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,278&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,487&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,885&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(41,192&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;32,642&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,616&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,794&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The main temporary differences representing the balance of the deferred tax liability refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the tax charges on the capitalized amount of property and equipment.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Tax losses do not have expiration date. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The estimated realization of deferred tax assets in non-current assets and liabilities is as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Asset&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Liability&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Asset&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Liability&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,126&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2018&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,895&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(20,728&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,126&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2019&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,040&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,008&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,126&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2020&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,111&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,454&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2021&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;982&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,434&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,545&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2022&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;20,987&lt;/font&gt;&lt;/p&gt; 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&lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(185&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;37,015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(42,809&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,305&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b) Reconciliation of the income tax and social contribution expense &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group computed income tax and social contribution under the taxable income method. The following is a reconciliation of the difference between the actual income tax and social contribution expense and the expense computed by applying the federal statutory rate for the years ended December&amp;#160;31, 2017, 2016 and 2015: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December, 31&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Profit for the period before taxes&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;683,504&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;155,359&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;40,315&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Statutory rate&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;34%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;34%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;34%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Expected income tax and social contribution&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(232,391&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(52,822&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(13,707&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution effect on:&lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Permanent additions (exclusions)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Participation in the results of partners and managers&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(314&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(234&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gifts&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(149&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;R&amp;amp;D and technological innovation benefit - Law 11.196/05(i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24,987&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,898&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;11,596&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on own capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,860&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Tax Incentives - Law Rounet Art. 18&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,981&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other additions&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,333&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution expense&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(4,826&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(214,988&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(7,431&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,587&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;69%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution - deferred&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,278&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(20,149&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,239&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the income tax charges, based on the amount invested by PagSeguro Group on some specific property and equipment.&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
  <pags:DisclosureOfEquityTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;19. Equity&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;a) Share capital &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;As at August&amp;#160;1, 2017, PagSeguro Brazil carried out a reverse share split of 2:1 shares which was approved and effective at the same date. As a consequence of the reverse share split, the share capital previously represented by 524,577,214 common shares, was reduced to 262,288,607 common shares. The reverse share split was accounted retrospectively. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017, all issued shares were fully paid. At December&amp;#160;31, 2017, the share capital, after retroactively reflecting the&amp;#160;reverse share split, is represented by 262,288,607 common shares, with no par value. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Share capital is composed of the following&amp;#160;shares: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;December&amp;#160;31, 2015 shares outstanding (1)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;220,808,044&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Capitalization of control party related party payable (2)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;13,305,204&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Issuance of shares to UOL for transfer of Net+Phone and Boa Compra (3)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,175,359&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;December&amp;#160;31, 2016 shares outstanding&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;December&amp;#160;31, 2017 shares outstanding&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:0in;margin-right:0in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;PagSeguro Brazil has reflected in its statement of changes in shareholders&amp;#39; equity the issuance of shares during the periods that such shares were issued. For earnings per share purposes, PagSeguro Brazil has considered 262,288,607 as outstanding during each of the years ended December 31, 2017 and 2016, as shares in (1), (2) and (3) above were issued to UOL, the control party, as part of the recapitalization.&amp;#160; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(1)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The shareholder UOL increased PagSeguro Brazil share capital on August 1, 2015 by the amount of R$ 329,961 (164,980,523 shares) and on December 30, 2015, by the amount of R$ 69,087 (34,543,522 shares), in the total amount of R$ 399,048, through the transfer of assets and liabilities related to payment operations which had been previously recorded in UOL, thus centralizing these activities in PagSeguro Brazil from thereon, resulting in total shares outstanding at December 31, 2015 of 220,808,044; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(2)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;On May 31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 26,610 (13,305,204 shares); &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(3)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;On May 31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 36,654 (18,327,103 shares) in Net+Phone. After that, as described in Note 2, in July 2016, UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution in the amount of R$ 56,351 (28,175,359 shares).&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the&amp;#160;proceeds. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;b) Legal reserve &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The legal reserve is established pursuant to the bylaws, at 5% of annual profit, up to the limit of 20% of paid-up share capital. The legal reserve will be used only for capital increases or absorption of losses. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;c) Profit retention reserve &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling R$&amp;#160;312,047, relating to the profit for the year ended December&amp;#160;31, 2017 to cover PagSeguro Brazil capital budget, to be approved by the shareholders following the issuance of the financial statements. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;d) Dividends &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Pursuant to the bylaws, 1% of the profit of PagSeguro Brazil will be distributed as dividends to the shareholders. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Brazil bylaws establish that profit for the year and interest on own capital should be allocated, in full or in part, to the constitution of reserves. Presented below are the dividends distributed by each entity consolidated in these financial statements other than Net+Phone and BIVA which recorded accumulated losses in all periods presented: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;PagSeguro Brazil&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;115,727&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;37,010&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net investment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27,209&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;115,727&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,801&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer to legal reserve (5%)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(23,939&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,786&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Adjusted income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;454,842&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;109,941&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,311&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Mandatory minimum dividends (1%)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,548&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;93&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additional dividends proposed (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;234,255&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total dividends distributed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;238,803&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;93&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on own capital (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,059&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Number of common shares&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,289&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,289&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;220,808&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends per share (in reais)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.9105&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0004&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on own capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0994&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The distribution of interest on own capital was approved in the shareholders&amp;#39; meeting held on December 30, 2016. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;At the Extraordinary General Shareholders Meeting held on September 29, 2017, PagSeguro Brazil&amp;#39;s shareholders approved the distribution of (i) R$142,795 of dividends related to the six-month period ended June 30, 2017 and (ii) R$96,008 in additional dividends related to the year ended December 31, 2016. The total dividends distributed amounted to R$238,803, of which R$184,530 was offset against receivables under the centralized cash management with UOL and the balance of R$54,272 was paid in cash by PagSeguro Brazil to UOL. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;For further details, see Note 9.&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Boa Compra&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,715&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,625&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer to legal reserve (5%) *&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Adjusted income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,715&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,625&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Mandatory minimum dividends (1%)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additional dividends proposed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;65&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total dividends distributed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;81&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Number of common shares&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,381,317&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,381,317&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;198,557&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends per share (in reais)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0,0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0,0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0,4079&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Wingdings;font-size:8.0pt;&quot;&gt;v&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Allocation to legal reserve was not required because the legal reserve reached the limit of 20% of share capital.&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfEquityTextBlock>
  <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;20. Earnings per share&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Basic and diluted earnings per share are calculated by dividing the profit attributable to shareholders of PagSeguro Group by the weighted average number of common shares issued and outstanding during the year: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Profit attributable to owners of the Company&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;127,186&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;35,084&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Weighted average number of common shares&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Basic and diluted earnings per share - in reais&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1.8254&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.4849&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.1338&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The denominator was retrospectively adjusted for the issuance of new shares as a result of the reorganization of companies under common control, as further&amp;#160;described in Note 1, as well as to the reverse share split approved and executed&amp;#160;on August 01, 2017 (See&amp;#160;note&amp;#160;19). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group&amp;#39;s basic earnings per share equal its diluted earnings per share, since PagSeguro Group does not have any dilutive&amp;#160;instruments. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
  <ifrs-full:DisclosureOfRevenueExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;21. Total revenue and income&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gross revenue from transaction activities and other services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,391,381&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;543,818&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;305,298&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gross revenue from sales&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;655,153&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;371,517&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;238,947&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gross financial income (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;858,410&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;411,413&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;243,566&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other financial income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,576&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,337&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,744&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total gross revenue and income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,913,520&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,332,085&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;798,556&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deductions from gross revenue from transactions&amp;#160;activities and other services (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(167,120&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,793&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(37,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deductions from gross revenue from sales (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(183,229&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(110,923&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(62,430&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deductions from gross financial income (iv)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(39,786&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,984&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(24,104&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total deductions from gross revenue and income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(390,135&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(193,700&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(123,635&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total revenue and income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,523,385&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,138,385&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;674,920&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Includes (a) interest from early payment related to the discount of notes payable to third parties paid in advance and (b) interest on note receivables due in installments. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Deductions consist of services taxes. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The deductions are composed of sales taxes and returns. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(iv)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Deductions consist of taxes on financial income.&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
<!-- ELement Id ifrs-full_DisclosureOfExpensesByNatureExplanatory -->
  <ifrs-full:DisclosureOfExpensesByNatureExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;22. Expenses by nature&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transactions costs&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(661,067&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(283,630&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(145,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of goods sold&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(451,635&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(233,419&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(178,608&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Marketing and advertising&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(275,394&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(204,857&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(153,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Personnel expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(105,794&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,280&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(48,130&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial expenses (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(104,544&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(68,301&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29,696&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Chargebacks (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(47,854&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(31,557&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27,490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation and amortization (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(51,571&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(31,246&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,580&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(142,022&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(66,737&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(32,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,839,881&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(983,027&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(634,606&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Classified as:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(829,661&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(357,811&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(191,710&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of sales&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(494,719&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(265,856&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(190,773&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Selling expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(245,759&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(199,937&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(162,642&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(153,177&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(84,461&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(61,129&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(104,544&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(68,301&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29,696&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other (expenses) income, net&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(12,021&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(6,660&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,345&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,839,881&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(983,027&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(634,606&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Our financial expenses include (a) the charges we incur to obtain early payment of receivables owed to us by card issuers and acquirers in order to finance our early payment of receivables feature for merchants, (b) interest expense on our other borrowings and (c) the cost of swaps relating to our foreign currency borrowings. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Chargebacks refer to losses recognized in the period reflecting the risks of fraud associated with card processing operations, as detailed in Note 24 (iii). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of sales and services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,088&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(895&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(904&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Selling expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(11&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(714&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(371&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(393&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,812&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,277&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,324&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of sales and services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(54,151&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(32,846&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,377&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(59&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(333&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(54,526&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(32,905&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,710&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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&lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PIS and COFINS credits (*)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,767&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,936&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation and amortization expense, net&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(51,571&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(31,246&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,933&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Wingdings;font-size:8.0pt;&quot;&gt;v&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;PagSeguro Brazil has a tax benefit on PIS and COFINS that allows to reduce the depreciation and amortization expenses, when incurred. This tax benefit is recognized directly as a reduction of depreciation and amortization expense. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfExpensesByNatureExplanatory>
  <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;23. Financial instruments by category&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group estimates the fair value of its financial instruments using available market information and appropriate valuation methodologies for each situation. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The interpretation of market data, as regards the choice of methodologies, requires considerable judgment and the establishment of estimates to reach an amount considered appropriate to each situation. Therefore, the estimates presented may not necessarily indicate the amounts that could be obtained in the current market. The use of different hypotheses to calculate market value or fair value may have a material impact on the amounts obtained. The assets and liabilities presented in this note were selected based on their relevance. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group believes that the financial instruments recognized in these consolidated financial statements at their carrying amount are substantially similar to their fair value. However, since they do not have an active market, variations could occur in the event PagSeguro Group were to decide to settle or realize them in advance. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group classifies its financial instruments into the following categories: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Measured at fair value through profit or loss:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial investments&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;210,103&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;131,239&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Loans and receivables:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;66,767&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Note receivables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,522,349&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,715,514&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Receivables from related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;124,723&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;300,809&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other receivables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;27,956&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,495&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,951,898&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,232,026&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Measured at fair value through profit or loss:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derivative financial instruments&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,613&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,613&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortized cost:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,080,569&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,304,031&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;92,444&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;61,719&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables to related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;39,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;76,249&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;205,204&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends payable and interest on own capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,243&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,872&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,244&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,227,986&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,684,690&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;24. Financial risk management&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group activities expose it to a variety of financial risks: market risk (including currency risk and cash flow or fair value interest rate risk), fraud risk (chargebacks), credit risk and liquidity risk. PagSeguro Group&amp;#39;s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on PagSeguro Group&amp;#39;s financial performance. PagSeguro Group uses derivative financial instruments to hedge certain risk exposures. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Among the main market risk factors that may affect PagSeguro Group&amp;#39;s business are the following ones: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign exchange risk &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity&amp;#39;s functional currency. As of December&amp;#160;31, 2016, PagSeguro Group had borrowings denominated in foreign currency which are linked to derivatives (swaps). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;In accordance with management&amp;#39;s policies, derivative transactions are allowed, as long as they are hedged by a swap entered into with prime financial institutions, for the sole purpose of hedging against risks of fluctuation in exchange or interest rates. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amounts of derivative financial instruments are summarized as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Maturity&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Notional&amp;#160;value&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Fair value&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign exchange and interest&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;January&amp;#160;2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;129,480&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;132,761&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interbank Deposit Certificate (CDI)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;January 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(129,480&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(138,036&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,275&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign exchange and interest&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;March 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;70,000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;71,537&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interbank Deposit Certificate (CDI)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;March 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(70,000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(72,875&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash flow and fair value interest rate risk &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;This risk arises from the derivative financial instruments (swap) that replaces the risk of the exchange and interest rate variation associated with borrowings by the CDI. In this case, the swap&amp;#39;s liability leg is the CDI, exposing PagSeguro Group to the variation of this interest rate. For better risk management, PagSeguro Group chooses to enter into borrowings and derivatives with short-term maturities, which enable a better management of the rates. As of December&amp;#160;31, 2017, the Group is not exposed to this risk. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Fraud Risk (chargeback) &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Sales transactions which are intermediated by the PagSeguro Group are susceptible to potentially fraudulent or improper and PagSeguro Group uses two processes to control the fraud risk as such: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The first one consists of monitoring, on a real time basis, the transactions carried out with credit and debit cards and payment slips, through an anti-fraud system. This process approves or rejects suspicious transactions at the time of the authorization, based on statistical models that are revised on a periodic basis. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The second process detects chargebacks and disputes not identified by the first process. This is a complementary process and increases PagSeguro Group&amp;#39;s ability to avoid new frauds. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(iv)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Credit risk &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Credit risk is managed on a group basis and are limited to the possibility of default by: (a)&amp;#160;the card issuers, which have the obligation of transferring to the credit and debit card labels the fees charged for the transactions carried out by their card holders, and/or (b)&amp;#160;the acquirers, which are used by PagSeguro Group to approve transactions with the issuers. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;In order to mitigate this risk, PagSeguro Group has established a Credit and Liquidity Risk Committee, whose responsibility is to assess the level of risk of each of the card issuers served by PagSeguro Group, classifying them into three groups: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;card issuers with a low level of risk, with credit ratings assigned by FITCH, S&amp;amp;P and Moody&amp;#39;s , which do not require additional monitoring; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;card issuers with a medium level of risk, which are also monitored in accordance with the Basel and property, plant and equipment ratios; and &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;card issuers with a high level of risk, which are assessed by the Committee at monthly meetings.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by these counterparties in addition to the amounts already derecognized as chargebacks, presented as fraud risk. &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(v)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Liquidity risk &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group manages liquidity risk by maintaining reserves, bank and credit lines for the obtaining borrowings, when deemed appropriate. PagSeguro Group continuously monitors actual and projected cash flows, and matches the maturity profile of its financial assets and liabilities in order to ensure PagSeguro Group has sufficient funds to honor its obligations to third parties and meet its operational needs. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group invests cash surplus in interest bearings financial investments, choosing instruments with appropriate maturity or sufficient liquidity to provide adequate margin as determined by the forecasts. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017, PagSeguro Group held cash and cash equivalents of R$&amp;#160;66,767 (R$&amp;#160;79,969 at December&amp;#160;31, 2016). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The table below shows PagSeguro Group&amp;#39;s non-derivative financial liabilities divided into the relevant maturity group based on the remaining period from the balance sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 30 days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 31 to 120&lt;br /&gt; days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 121 to 180&lt;br /&gt; days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 181 to 360&lt;br /&gt; days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;to&amp;#160;361&lt;br /&gt; days or&lt;br /&gt; more days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,890,080&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;133,070&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;31,081&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,338&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;81,152&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,032&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,740&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,083&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,437&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables to related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;39,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,872&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,228,922&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;60,396&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,152&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,561&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;54,125&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,827&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;63&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,704&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables to related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,243&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,244&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
  <pags:DisclosureOfCapitalManagementTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;25. Capital management&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group monitors capital on the basis of the gearing ratio which corresponds to net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current borrowings as shown in the consolidated balance sheet) less cash and banks. Total capital is calculated as equity as shown in the consolidated balance sheet plus net debt. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;During 2016, PagSeguro Group&amp;#39;s strategy was to maintain a gearing ratio of up to 20%. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The gearing ratio at December&amp;#160;31, 2016 was as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&amp;#160;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;205,204&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(-) Cash and cash equivalents&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(79,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net debt&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,235&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total equity&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;626,862&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;752,097&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gearing ratio&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16.65%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group had no borrowings as of December&amp;#160;31, 2017. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfCapitalManagementTextBlock>
  <ifrs-full:DisclosureOfFairValueMeasurementExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;26. Fair value measurement&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy is used to measure fair value, as shown below: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.&amp;#160; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).&amp;#160; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Courier New;font-size:10.0pt;&quot;&gt;o&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Level 3 - Inputs for the assets and liabilities that are not based on observable market data (that is, unobservable inputs).&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017 and 2016, PagSeguro Group had financial investments whose fair value adjustments is classified as Level&amp;#160;1. PagSeguro Group did not have any other assets measured at fair value in 2017 and 2016. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016, derivative liabilities measured at fair value are classified as Level&amp;#160;2. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;There were no transfers between Levels 1, 2 and 3 during the year. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
  <pags:DisclosureOfOtherDisclosuresOnCashFlowsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;27. Other disclosures on cash flows&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Non-cash investing and financing activities &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer of assets and liabilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;56,351&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;399,048&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Capitalization of related party transactions&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,610&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The issuance of shares described in Note 18 refers to non-cash consideration. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfOtherDisclosuresOnCashFlowsTextBlock>
  <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;28. Subsequent events&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(i)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IPO - Initial Public Offering &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On January&amp;#160;26, 2018, PagSeguro Digital concluded its global offering of 121,193,388 Class&amp;#160;A common shares, of which 50,925,642 were new shares offered by PagSeguro Digital and 70,267,746 shares were offered by the controlling shareholder UOL. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The initial offer price was US$21,50 per share. The shares are traded on the New York Stock Exchange (NYSE) since January&amp;#160;24, 2018, under the symbol &amp;#8220;PAGS&amp;#8221;. The proceeds received from the shares offered by PagSeguro Digital, excluding charges and underwriting fees, totaled approximately US$1,1&amp;#160;billion. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Management expects that the proceeds received by PagSeguro Digital will be used for working capital purposes, future acquisitions and investments in technologies and products complementary to the business. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(ii)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Long-Term Incentive Plan-LTIP &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Members of the Company&amp;#39;s management participate in a Long-Term Incentive Plan (&amp;#8220;LTIP&amp;#8221;), which was established by UOL for its group companies on July&amp;#160;29, 2015 and has been adopted by PagSeguro Digital. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Beneficiaries under the LTIP were granted rights in the form of notional cash amounts without cash consideration. These rights vest in five equal annual installments starting one year after the beneficiary&amp;#39;s grant date, the earliest of which was on July&amp;#160;29, 2015. Under the terms of the LTIP, upon the Company&amp;#39;s IPO the vested portion of each beneficiary&amp;#39;s LTIP rights may, at the discretion of our Board of Directors, either be converted into Class&amp;#160;A common shares of the Company at the IPO price or paid to the beneficiary in cash. The conversion rate applicable for any issuance of Class&amp;#160;A common shares to be issued in respect of vested LTIP rights may be adjusted, pursuant to each beneficiary&amp;#39;s individual LTIP agreement, if our market capitalization at the date the Company&amp;#39;s IPO is lower or, in some cases, higher than the reference market capitalization set in the LTIP. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;As a result, upon the Company&amp;#39;s IPO, the individual LTIP agreements of certain beneficiaries were adjusted to determine conversion at the IPO of our Class&amp;#160;A common shares. The Company&amp;#39;s Board of Directors converted all such vested portions of the beneficiaries&amp;#39; LTIP rights into Class&amp;#160;A common shares of the Company at the IPO price, without cash consideration, upon completion the IPO, instead of paying such vested portions in cash. As a result, members of the Company&amp;#39;s management who are beneficiaries under the LTIP as a group received a total of 1,821,043 new Class&amp;#160;A common shares upon completion the IPO. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The shares issued under the LTIP are subject to a one-year lock-up period under the terms of the LTIP. Any shares that are issued on a subsequent vesting date during the first year after the IPO will be subject to the remainder of that same lock-up period, expiring one year after the closing of the IPO. After the close of that one-year period, shares to be issued under the LTIP will no longer be subject to a lock-up. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Acquired an additional BIVA &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On January&amp;#160;15,2018, PagSeguro Brazil acquired an additional interest of 15.82% in BIVA, bringing our total interest to 75.13% of BIVA&amp;#39;s total share capital. The total amount paid for this acquisition was R$4,600. &lt;/font&gt;&lt;/p&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;*&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;*&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; * &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
  <ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.1 Preparation and presentation of the consolidated financial statements&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements include the financial statements of PagSeguro Digital and its subsidiaries, which are all under common control and were prepared exclusively for the purpose of presenting, on a comparative basis, operations in a consolidated manner, for the years ended December&amp;#160;31, 2017, 2016 and 2015. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The consolidated financial statements include the carve-out of PagSeguro Brazil operations for the periods prior to August&amp;#160;1, 2015, when its activities were still recorded in UOL&amp;#39;s financial statements. These financial statements, which have been derived from UOL&amp;#39;s accounting records, do not necessarily reflect PagSeguro Brazil financial position, results of operations, or cash flows that would have been recorded had PagSeguro Brazil been operating as a separate entity. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;From January&amp;#160;1, 2015 through July&amp;#160;31, 2015, when the PagSeguro Brazil financial statements were prepared on a carve out basis, certain assets and liabilities, revenues, costs and expenses directly related to the payment operations were controlled separately. Additionally, other indirect corporate expenses recorded at UOL were allocated to these carve-out financial statements based on assumptions that management believes are reasonable. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;), as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;). The consolidated financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the PagSeguro Group&amp;#39;s functional currency. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The consolidated financial statements have been prepared under the historical cost convention, which is modified for certain financial assets and liabilities (including derivative instruments) measured at fair value. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying PagSeguro Group&amp;#39;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group has adopted all pronouncements and interpretations issued by IASB that were in effect at December&amp;#160;31, 2017. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;These consolidated financial statements for the years ended December&amp;#160;31, 2017, 2016 and 2015 were approved by PagSeguro Group&amp;#39;s Board of Directors at a meeting held on March 07, 2018. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements>
  <pags:DisclosureOfConsolidationTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.2 Consolidation&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Consolidated financial statements &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group consolidates all entities over which it has control, when it is exposed or has rights to variable returns on its interest in the investee, and has the ability to govern the investee&amp;#39;s relevant activities. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The subsidiaries included in the consolidation are described in Note 4. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsidiaries &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsidiaries are all entities over which PagSeguro Digital has control. Subsidiaries are fully consolidated from the date on which control is transferred to PagSeguro Digital. They are deconsolidated from the date that control ceases. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Identifiable assets acquired and liabilities and contingent liabilities assumed for the acquisition of subsidiaries in a business combination are measured initially at their fair values at the acquisition date.PagSeguro Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest&amp;#39;s proportionate share of the fair value of the acquiree&amp;#39;s identifiable net assets. Non-controlling interests are determined on each acquisition. Acquisition-related costs are accounted for in the statement of income as incurred. These accounting practices do not apply to transactions under common control. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transactions, balances and unrealized gains on intercompany transactions are eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the asset transferred. The accounting policies of the subsidiaries are changed, where necessary, to ensure consistency with the policies adopted by PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfConsolidationTextBlock>
  <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.3 Foreign currency translation&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or the dates of valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
<!-- ELement Id ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory -->
  <ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.4 Cash and cash equivalents&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents are held for the purpose of meeting short-term cash needs and not for investment or any other purposes. PagSeguro Group classifies as cash equivalents a financial investment that can be immediately converted into a known amount of cash and is subject to immaterial risk of change in value. PagSeguro Group classifies financial instruments with original maturities of three months or less as cash equivalents. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.5 Financial instruments - initial recognition and subsequent measurement&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;i) Financial assets &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Initial recognition and measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets are classified in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. PagSeguro Group does not classify its financial assets as held-to-maturity or available-for-sale. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derivatives are also categorized as measured at fair value through profit or loss unless they are designated as hedges. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the statement of income. Financial assets include cash and cash equivalents, current financial investments, note receivables, receivables from related parties, and other receivables. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsequent measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The subsequent measurement of financial assets depends on their classification, which may be as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Loans and receivables &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Loans and receivables are carried at amortized cost using the effective interest rate method. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets at fair value through profit or loss &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets at fair value through profit or loss are presented at fair value in the balance sheet, with the corresponding gains or losses recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group values its financial assets at fair value through profit or loss, as it intends to trade them within a short period of time. Reclassification to loans and receivables, available-for-sale financial assets or held-to-maturity investments depends on the nature of the asset. This valuation does not affect any financial assets designated at fair value through profit or loss at initial recognition, which cannot be subsequently reclassified. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derecognition &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;A financial asset or, where applicable, a part of a financial asset or part of a group of similar financial assets, is derecognized when: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The rights to receive cash flows from the asset expire; &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;left&quot;&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group transfers its rights to receive cash flows from the asset, or assumes an obligation to pay the received cash flows in full to a third party under a &amp;#8220;pass-through&amp;#8221; arrangement; and (a)&amp;#160;transfers virtually all the risks and benefits of the asset, or (b)&amp;#160;neither transfers nor retains virtually all the risks and benefits of the asset, but transfers control of the asset. &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;&lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When PagSeguro Group has transferred its rights to receive cash flows from an asset and has not transferred or retained substantially all the risks and benefits of the asset, this asset is recognized to the extent of PagSeguro Group&amp;#39;s continuing involvement in the asset. In such case, PagSeguro Group also recognizes an associated liability. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that PagSeguro Group has retained. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of the consideration that PagSeguro Group may be required to repay. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;ii) Impairment of financial assets &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group assesses, at the balance sheet date, if there is objective evidence that a financial asset or a group of financial assets is impaired. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of&amp;#160;impairment as a result of one or more events that occurred after the initial recognition of the asset (a &amp;#8220;loss event&amp;#8221;) and that loss&amp;#160;event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be&amp;#160;reliably estimated. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Evidence of impairment may include indication that the debtors are experiencing significant financial difficulty, probability that the debtor will enter bankruptcy or other financial reorganization, default or delinquency in interest or principal payments, and indication of a substantial decline in the estimated future cash flows, such as changes in maturity dates or economic conditions related to default. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;iii) Financial liabilities &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Initial recognition and measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities are classified as financial liabilities at fair value through profit or loss, other financial liabilities, or as derivatives&amp;#160;designated used for hedge, when appropriate. PagSeguro Group determines the classification of its financial liabilities at initial&amp;#160;recognition. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities are initially recognized at fair value and, in the case of other financial liabilities, plus directly related transaction&amp;#160;costs. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities include payables to third parties, payables to third parties of related parties, trade payables, trade payables of related parties, borrowings, and other payables. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsequent measurement &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The subsequent measurement of financial liabilities depends on their classification, which may be as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities at fair value through profit or loss &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities and financial liabilities designated at fair value through profit or loss at initial recognition. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities are classified as held-for-trading if acquired for sale in the short term. This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gains and losses on held-for-trading liabilities are recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other financial liabilities &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost, using the effective interest rate method, and are recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in &amp;#8220;Financial expenses&amp;#8221; in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;i&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derecognition &lt;/font&gt;&lt;/i&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;A financial liability is derecognized when the obligation is discharged, canceled or expires. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;iv) Financial instruments - offsetting &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets and liabilities are presented net in the balance sheet if, and only if, there is an existing and enforceable legal right to offset the amounts recognized and an intention to offset or to realize the asset and settle the liability simultaneously. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;v) Fair value of financial instruments &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The fair value of financial instruments actively traded in organized markets is determined based on quoted market prices at the balance sheet date, without a deduction of transaction costs. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These techniques include the use of recent arm&amp;#39;s length transactions, reference to other similar instruments, discounted cash flow analysis or other valuation methods. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.6 Note receivables&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amounts are mainly related to receivables from credit/debit card issuers and acquirers originated from transactions through PagSeguro Group platform, and from the sales of credit/debit card readers. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The provision for impairment of note receivables, however based on PagSeguro Brazil&amp;#39;s risk assessment the need of provision is immaterial because the note receivables are mainly comprised of transactions approved by large financial institutions that have a low level risk based on ratings received from major credit rating agencies. Additionally, these financial institutions are the legal obligors to the note receivables. See Note 24. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Note receivables are initially recorded at the present value of expected future cash flows. The note receivables from installment transactions is an estimate based on the present value of the future cash flows, using average appropriate terms and rates, which are in accordance with the terms of these transactions. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group incurs financial expenses when an election to receive early payment of note receivables from financial institutions is made. The finance expense is recognized at the time the financial institution agrees to liquidate a note receivable due in installments on a prepaid basis, and it is recorded as Financial expenses in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.7 Inventories&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Inventories consist of debit and credit card readers. Inventories are stated at the lower of cost and net realizable value. The cost method used for inventories is the weighted moving average method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
  <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.8 Property and equipment&amp;#160; &lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Property and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and may also include finance costs related to the acquisition of qualifying assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Subsequent costs are included in the asset&amp;#39;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to PagSeguro Group and they can be measured reliably. The carrying amount of replaced items or parts is derecognized. All other repairs and maintenance expenses are charged to the statement of income during the year in which they are incurred. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The assets&amp;#39; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate. Depreciation is calculated under the straight-line method, based on the estimated useful lives as shown below (in years): &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;div align=&quot;center&quot;&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;3&quot; valign=&quot;bottom&quot; width=&quot;15%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,5 to 5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,5 to 5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5 to 10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;/div&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;An asset&amp;#39;s carrying amount is immediately written down to its recoverable amount when the asset&amp;#39;s carrying amount is greater than its&amp;#160;estimated recoverable amount. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts, and are recognized within &amp;#8220;Other&amp;#160;(expenses) income, net&amp;#8221; in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.9 Intangible assets&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Software licenses are capitalized on the basis of the costs incurred to acquire the software and bring it to use. These costs are amortized on the straight-line basis over the estimated useful life of the software (three to five years). &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by PagSeguro Group are recognized as intangible assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Directly attributable costs, which are capitalized as part of the software product, include costs incurred with employees and expenses allocated to software development. Borrowing costs incurred during the software development period may also be capitalized. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other development expenditures that do not meet the capitalization criteria are expensed as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period, and are presented within &amp;#8220;Advisory and consulting&amp;#160;services&amp;#8221;. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Computer software development costs recognized as assets are amortized over the estimated useful life, which does not exceed five&amp;#160;years from the date that technological feasibility is met. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.10 Impairment of non-financial assets&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Non-financial assets are annually reviewed for impairment to determine whether there are any events or changes in economic and&amp;#160;technological conditions or in operations that may indicate that an asset is impaired. When applicable, such evidence is identified through the annual impairment test. In order to assess a non-financial asset, it is necessary to estimate its recoverable amount. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. When the carrying amount of an asset or cash generating unit exceeds its recoverable amount, a provision for impairment is established. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When estimating the value in use of an asset, the future estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects the weighted average cost of capital for the cash generating unit. The net sales price is determined, whenever possible, based on a firm sales contract entered into on an arm&amp;#39;s length basis, between well-informed and willing parties, adjusted by expenses attributable to the asset sale, or, when there is no firm sales contract, based on the price in an active market, or the most recent transaction price for similar assets. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group annually assesses whether there is any indication that a previously recognized impairment loss no longer exists or has decreased. If there is such indication, the asset&amp;#39;s recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&amp;#39;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the asset&amp;#39;s carrying amount does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized for the asset in prior years. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
  <pags:DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.11 Payables to third parties&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties refer to funds payable and amounts due to merchants that use PagSeguro Brazil platform. PagSeguro Group recognizes the fair value of the transaction which is the transaction amount, net of the transaction cost. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock>
  <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.12 Provisions&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Provisions are recognized when PagSeguro Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. When PagSeguro Group expects the value of a provision to be reimbursed, in whole or in part, for example, due to an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Expenses associated with any provisions are presented in the statement of income, net of any reimbursements. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group is a party to legal and administrative proceedings. Provisions are established for all contingencies referring to lawsuits for which it is probable that an outflow of funds will be necessary to settle the contingency/obligation and a reasonable estimate can be made. The assessment of the likelihood of loss includes the evaluation of available evidence, the hierarchy of laws, available case law, recent court decisions and their importance in the legal system, as well as the opinion of outside legal counsel. The provisions are reviewed and adjusted to reflect changes in circumstances. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.13 Revenue recognition&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Revenue comprises the fair value of the consideration received or receivable for the sale of services and goods in the ordinary course of PagSeguro Group&amp;#39;s activities. Revenue is presented net of sales and excise taxes and returns. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group recognizes revenue when: (i)&amp;#160;the amount of revenue can be reliably measured; (ii)&amp;#160;it is probable that future economic benefits will flow to PagSeguro Group; (iii)&amp;#160;recognized when control of a good or service is transferred to a customer; and (iv)&amp;#160;specific criteria have been met for PagSeguro Group&amp;#39;s activities. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group&amp;#39;s revenue substantially comprises: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Revenue from transaction activities and other services: Revenue from fees charged for intermediation of electronic payments, and other services such as prepaid cards, which are recognized at the time the purchase is approved by the financial institution. Revenues from fees charged for intermediation of electronic payments are recognized on a gross basis and related transaction costs are recognized as Cost of sales and services, since PagSeguro Group is considered to be the principal in the intermediation transaction. PagSeguro Group has primary responsibility for providing the services to customers and also directly sets the prices for such services, independently from the related transaction costs agreed between PagSeguro Group and the card schemes or card issuers; and &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-left:.5in;margin-right:0in;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Revenue from sales: Revenue from sales of credit and debit card readers and similar items, which is recognized at the time the risks and benefits are transferred and when control of a good is transferred to the customers, i.e., on delivery of the equipment. Under Brazilian consumer law, clients have seven days after ordering Point of Sale equipment (&amp;#8220;POS devices&amp;#8221;) in which to cancel the purchase. Returns of devices are accounted for as deductions from revenue from sales at the time the equipment is returned. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.25in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Symbol;font-size:10.0pt;&quot;&gt;&amp;#183;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial income: is recognized as a result of the discount rate charged on the early payments of Payables to third parties (merchants). The income is recognized at the time the merchant agrees to receive a sale in installments on an early payment basis, and it is recorded as Financial income in the statement of income.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
<!-- ELement Id pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock -->
  <pags:DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.14 Distribution of dividends and interest on own capital&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Distributions of dividends and interest on own capital to PagSeguro Brazil&amp;#39;s shareholders are recognized as a liability in the financial statements at year-end, based on the PagSeguro Brazil&amp;#39;s bylaws, which require the distribution of a minimum of 1% of the profit for the year as dividends. Any amount that exceeds the minimum required is only accrued on the date such distribution is approved by the shareholders at a General Meeting. However, these provisions do not exist under PagSeguro Digital Memorandum of Association. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The tax benefit of interest on own capital is recognized in the statement of income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock>
  <ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.15 Current and deferred income tax and social contribution&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Current income tax and social contribution &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Tax assets and liabilities for the current year are calculated based on the expected recoverable amount or the amount payable to the tax authorities. The tax rates and tax laws used to calculate the amount are those enacted or substantively enacted at the balance sheet date in the countries where PagSeguro Group operates and generates taxable income. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Current income tax and social contribution related to items recognized directly in equity are recognized in equity. PagSeguro Group periodically evaluates the tax positions involving interpretation of tax regulations and establishes provisions when appropriate. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;&quot;&gt;&lt;u&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred taxes &lt;/font&gt;&lt;/u&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred taxes arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts at the balance sheet date. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax liabilities are recognized for all taxable temporary differences, except in the following situations: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;On temporary tax differences related to investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets are recognized on all deductible temporary differences and tax loss carryforwards, to the extent that it is probable that taxable profit will be available against which they can be offset, except when the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss; and &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#8226;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets are recognized on the deductible temporary differences associated with investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary differences can be utilized.&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:6.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The carrying amount of deferred tax assets is reviewed at each balance sheet date and a deferred tax asset is recognized to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reviewed, at each balance sheet date, and recognized to the extent that it is probable that future taxable profit will be available to allow their utilization. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Based on the local law of Cayman (The Companies Law of 1960), there is no taxation on the income earned in the companies based in this locality, therefore, we do not have tax impacts for the PagSeguro Digital. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;For the subsidiaries of PagSeguro Digital, deferred tax assets and liabilities are measured using the prevailing tax rates in the year in which the assets will be realized and the liabilities will be settled. The currently defined tax rates of 25% for income tax and 9% for social contribution are used to calculate deferred taxes. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax assets and liabilities are presented on a net basis when there is a legally or contractually enforceable right to offset the tax asset against the tax liability, and the deferred taxes are related to the same taxable entity and subject to the same tax authority. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.16 Employee benefits - Benefits of performance&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group recognizes a liability and an expense for benefits of performance based on a methodology that takes into consideration the target of performance attributed to PagSeguro Group&amp;#39;s stockholders after certain adjustments. PagSeguro Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.17 Business combination&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group accounts for business combinations using the acquisition method. The cost of an acquisition is measured as the sum of the consideration transferred, based on its fair value on the acquisition date. Costs directly attributable to the acquisition are expensed as incurred. The assets acquired, and liabilities assumed are measured at fair value, classified and allocated according to the contractual terms, economic circumstances and relevant conditions on the acquisition date. Goodwill is measured as the excess of the consideration transferred over the fair value of net assets acquired. If the consideration transferred is smaller than the fair value of net assets acquired, the difference is recognized as a gain on bargain purchase in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory>
  <pags:DisclosureOfNewStandardsNotYetEffectiveTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.18 New standards not yet effective&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The following new standards have been issued by IASB, but are not effective for 2017: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IFRS 16 - &amp;#8220;Leases&amp;#8221; - this new standard requires lessees to recognize the liability of the future payments and the right of use of the leased asset for virtually all lease contracts, including operating leases. Certain short-term and low-value contracts may be out of the scope of this new standard. The criteria for recognition and measurement of leases in the financial statements of the lessors are substantially maintained. IFRS 16 is effective for years beginning on or after January&amp;#160;1, 2019 and replaces IAS 17 - &amp;#8220;Leases&amp;#8221; and related interpretations. Management has performed a preliminary assessment and did not identify any material impacts to date. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;There are no other IFRS or IFRIC interpretations not yet effective that could have a material impact on PagSeguro Group financial statements. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfNewStandardsNotYetEffectiveTextBlock>
  <pags:DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h2 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Times,serif;font-size:12.0pt;&quot;&gt;2.19 New and revised pronouncements in effect&lt;/font&gt;&lt;/b&gt;&lt;/h2&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The following new standards have been issued by IASB: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IFRS 9 - &amp;#8220;Financial Instruments&amp;#8221;: addresses the classification, measurement and recognition of financial assets and liabilities. The complete version of IFRS 9 was issued in July 2014 and is effective as from January&amp;#160;1, 2018. It replaces the guidance included in IAS 39 related to the classification and measurement of financial instruments. The main amendments brought by IFRS 9 are: (i)&amp;#160;new criteria for the classification of financial assets; (ii)&amp;#160;new impairment model for financial assets, which is based on expected losses, replacing the current model of incurred losses; and (iii) relaxation of the new requirements for the adoption of hedge accounting. Management evaluated the new guidelines introduced by IFRS 9 and did not identify any material impact for PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;IFRS 15 - &amp;#8220;Revenue from Contracts with Customers&amp;#8221;: this new standard introduces the principles to be applied by an entity to determine the measurement and recognition of revenue. This standard is based on the principle that revenue is recognized when control of a good or service is transferred to a customer, and, therefore, the principle of control will replace the principle of risks and benefits. This standard will replace IAS 11 - &amp;#8220;Construction Contracts&amp;#8221;, IAS 18 - &amp;#8220;Revenues&amp;#8221; and related interpretations, and becomes effective on January&amp;#160;1, 2018. Management evaluated the new guidelines introduced by IFRS 15 and did not identify any material impact for PagSeguro Group. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Therefore, changes to standards or new pronouncements applicable to the years presented in the consolidated financial statements were not relevant to PagSeguro Group, for retrospective disclosure and disclosure of amounts. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</pags:DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock>
  <pags:DepreciationIsCalculatedUnderTheStraightlineMethodBasedOnTheEstimatedUsefulLivesInYearsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The assets&amp;#39; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate. Depreciation is calculated under the straight-line method, based on the estimated useful lives as shown below (in years): &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;3&quot; valign=&quot;bottom&quot; width=&quot;15%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,5 to 5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,5 to 5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5 to 10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:DepreciationIsCalculatedUnderTheStraightlineMethodBasedOnTheEstimatedUsefulLivesInYearsTextBlock>
  <pags:ConsolidationOfSubsidiariesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;4. Consolidation of subsidiaries&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; 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style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Equity&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&amp;#160;income&amp;#160;(loss)&lt;br /&gt; for the&amp;#160;year&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Ownership&lt;br /&gt; - %&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Level&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,553,504&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,686,516&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;866,988&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.99&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Direct&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net+Phone&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,018,218&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;974,260&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;43,958&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,441&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.99&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Boa Compra&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;629,246&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;609,284&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;19,962&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,715&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.99&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BCPS&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,236&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;251&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;985&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;429&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99.50&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;R2TECH&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,460&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;894&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,566&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,307&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;51.00&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;BIVA&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,482&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,730&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;752&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,569&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;59.31&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;FIDC&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;182,163&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;404&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;181,759&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,758&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;100&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Indirect&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:ConsolidationOfSubsidiariesTextBlock>
  <pags:CashAndCashEquivalentsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;6. Cash and cash equivalents&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Short-term bank deposits&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;66,767&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;66,767&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,969&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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  <pags:FinancialInvestmentsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;7. Financial investments&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;210,103&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;237,335&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;751,542&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;250,817&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,239,694&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;99,433&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;244,741&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;344,174&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bradesco&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;333,108&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;83,160&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;416,268&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;115,009&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;36,032&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;151,041&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Banco do Brasil&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;287,334&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;84,504&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;371,838&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;91,414&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;29,425&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;120,839&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;CEF&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;69,974&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;83,684&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;153,658&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,837&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30,979&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;54,816&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Santander&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;122,614&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;310,946&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;433,560&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;48,695&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,085&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;127,780&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;141,802&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;393,999&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;535,801&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;50,716&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;93,473&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;144,189&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total card issuers (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,192,167&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,707,835&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;250,817&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,150,819&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; 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valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;45,289&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;56,025&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,090&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total acquirers (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;370,539&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;772,675&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;991&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;991&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total note receivables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,192,167&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,707,835&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;250,817&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,522,349&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;429,104&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;513,735&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,715,514&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;47%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:NoteReceivablesTextBlock>
  <pags:TheMaturityAnalysisOfNoteReceivablesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The maturity analysis of note receivables is as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 30 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,213,929&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;970,086&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 31 to 120 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,045,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;609,689&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 121 to 180 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;114,953&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;43,144&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Due within 181 to 360 days&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;147,642&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;92,595&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,715,514&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;83%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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  <pags:BalancesAndTransactionsWithRelatedPartiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;i.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Balances and transactions with related parties: &lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL - cash management (a)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;124,721&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;300,809&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL - sales of services (b)&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;32,286&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;59,692&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Affiliated companies&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;745&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,196&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Livraria da Folha Ltda.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,078&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,285&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Empresa Folha da Manh&amp;#227; S/A&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,320&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL - shared service costs (a)&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;58,375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;31,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;36,737&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Affiliated companies&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL Diveo - shared service costs (e)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,710&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;UOL Diveo - sales of services (f)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,500&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;806&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Livraria da Folha Ltda.&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;319&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;349&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;347&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Others&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;316&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;130&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;261&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;121&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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  <pags:BusinessCombinationsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;10. 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;51&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;51&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Assets acquired&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,598&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,598&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Liabilities assumed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,312&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,312&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Property, plant and equipment and intangible assets&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;643&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,141&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Value of net assets&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,980&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,478&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Goodwill&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,184&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bargain purchase gain&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(87&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(87&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Purchase cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,077&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,077&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Consideration for the purchase settled in cash&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,276&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents at the subsidiary acquired&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(51&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amount paid on acquisitions less cash and cash equivalents acquired&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,225&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;73%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:BusinessCombinationsTextBlock>
  <pags:PropertyAndEquipmentIsComposedAsFollowsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Property and equipment is composed as follows:&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;98%&quot; style=&quot;border-collapse:collapse;width:98.48%;&quot;&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; width=&quot;71%&quot; style=&quot;border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td rowspan=&quot;2&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; rowspan=&quot;2&quot; width=&quot;19%&quot; style=&quot;border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; width=&quot;22%&quot; style=&quot;border-top:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; rowspan=&quot;2&quot; width=&quot;24%&quot; style=&quot;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td colspan=&quot;2&quot; width=&quot;22%&quot; style=&quot;border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;depreciation&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;11,024&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,114)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,910&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;53&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(23)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,738&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(444)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,294&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;397&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(66)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;331&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;263&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;132&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(42)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;90&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16,607&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,718)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,889&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; width=&quot;71%&quot; style=&quot;border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td rowspan=&quot;2&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; rowspan=&quot;2&quot; width=&quot;19%&quot; style=&quot;border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; width=&quot;22%&quot; style=&quot;border-top:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; rowspan=&quot;2&quot; width=&quot;24%&quot; style=&quot;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td colspan=&quot;2&quot; width=&quot;22%&quot; style=&quot;border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Data processing equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,574&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,692)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,882&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;52&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(19)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;33&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Machinery and equipment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;548&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(140)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;408&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Furniture and fittings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;190&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(40)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;150&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td width=&quot;25%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Leasehold improvements&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;100&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(15)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;85&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;height:14.1pt;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;25%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;9%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,464&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;12%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,906)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td width=&quot;1%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;10%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;td width=&quot;14%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font color=&quot;black&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,558&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; width=&quot;2%&quot; style=&quot;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; The changes in cost and accumulated depreciation were as follows:&lt;/font&gt;&lt;/p&gt;</pags:PropertyAndEquipmentIsComposedAsFollowsTextBlock>
  <pags:TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; 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&lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Facilities&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Machinery&lt;br /&gt; and&lt;br /&gt; equipment&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Furniture&lt;br /&gt; and&lt;br /&gt; fittings&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Leasehold&lt;br /&gt; improvements&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Vehicles&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,574&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;52&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;548&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;190&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;100&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,464&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,692&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(19&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(140&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(40&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(15&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(3,906&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,882&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;33&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;408&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;150&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;85&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,558&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Opening balance&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,882&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;33&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;408&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;150&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;85&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,558&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Purchases&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,316&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,171&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;176&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;94&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;114&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,873&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Acquisition of subsidiary&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;134&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;19&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;31&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;69&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;18&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;271&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,422&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(4&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(304&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(14&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(42&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,812&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,910&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,294&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;331&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;11,024&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;53&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,738&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;397&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;263&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;132&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,114&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(23&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(444&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(66&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(42&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,718&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;53%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,910&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;30&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,294&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;331&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;234&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;90&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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  <pags:IntangibleAssetsAreComposedAsFollowsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; Intangible assets are composed as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; 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&lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;br /&gt; amortization&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Expenditures related to software and technology (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;241,490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(115,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Software licenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,510&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,043&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Customer relationships&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,981&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(91&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,890&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Goodwill (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;276,667&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(117,799&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;158,868&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p align=&quot;center&quot; style=&quot;margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Accumulated&lt;br /&gt; amortization&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Net&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Expenditures related to software and technology (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;143,989&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(61,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;82,131&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Software licenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,393&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,416&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,977&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;78%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;149,382&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,274&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;86,108&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;78%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:IntangibleAssetsAreComposedAsFollowsTextBlock>
  <pags:TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;top&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The changes in cost and accumulated amortization were as follows: &lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Expenditures&amp;#160;with&lt;br /&gt; software and&lt;br /&gt; technology&amp;#160;(i)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Software&lt;br /&gt; licenses&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Customer&lt;br /&gt; relationships&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Goodwill&amp;#160;(ii)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;143,989&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,393&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;149,382&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(61,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,416&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,274&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;82,131&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,977&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;86,108&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Opening balance&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,977&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;86,108&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additions&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;97,491&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,210&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;971&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,184&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,856&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Acquisition of subsidiary&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,419&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,429&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,488&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,010&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,498&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(53,807&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(627&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(91&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(54,526&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,890&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;158,868&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;241,490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,510&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,981&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;276,667&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Accumulated amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(115,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,043&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(91&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(117,799&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;57%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net book value&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,825&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;7,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,890&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;23,686&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;158,868&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;57%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; 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  <pags:PayablesToThirdPartiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;13. Payables to third parties&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; 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&lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; 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&lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;44%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Type&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Interest&amp;#160;rate&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Average&lt;br /&gt; annual&lt;br /&gt; interest&amp;#160;rate&amp;#160;%&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Maturity&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;br /&gt; 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;br /&gt; 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;44%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings in foreign currency&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;44%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bank Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Fixed&amp;#160;interest&amp;#160;rates&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,36365&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;%&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;January&amp;#160;2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;133,874&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;44%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Bank Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Fixed interest rates&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,86450&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;March 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;71,330&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:BorrowingsTextBlock>
  <pags:SalariesAndSocialChargesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;15. Salaries and social charges&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Profit sharing&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,237&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,696&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Salaries payable&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,758&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,682&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;88%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social charges&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,102&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,225&lt;/font&gt;&lt;/p&gt; 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  <pags:TaxesAndContributionsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;#365F91&quot; lang=&quot;PT-BR&quot; style=&quot;font-family:Cambria,serif;font-size:18.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;16. 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&lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Taxes&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Services tax (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;14,837&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,382&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Value-added tax on sales and services (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,830&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,596&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social integration program (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,918&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,690&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social contribution on revenues (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;59,358&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16,544&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution (iv)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;35,474&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,264&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;690&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;124,681&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24,902&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Judicial deposits (v)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Services tax&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(11,375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Value-added tax on sales and services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,665&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social integration program&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,188&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,516&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Social contribution on revenues&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(50,389&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(15,475&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(72,617&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(17,991&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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  <pags:ProvisionsForLossesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Some companies of PagSeguro Group are party to labor and civil litigation in progress and are discussing such matters at the administrative and judicial levels, which, when applicable, are supported by judicial deposits. The provisions for probable losses arising from these matters are estimated and periodically adjusted by management, supported by the opinion of its external legal advisors. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; 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&lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;86%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Current&lt;/font&gt;&lt;/p&gt; 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valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;680&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;86%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;4%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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  <pags:DeferredIncomeTaxAndSocialContributionTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(a) Deferred income tax and social contribution: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Technological&lt;br /&gt; inovation (i)&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Other&lt;br /&gt; temporary&lt;br /&gt; differences-&lt;br /&gt; ASSETS&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Other&lt;br /&gt; temporary&lt;br /&gt; differences-&lt;br /&gt; LIABILITY&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deferred tax&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2015&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,363&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(6,257&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,363&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;469&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Included in the statement of income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,312&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,121&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;284&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(20,149&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Taken directly to equity&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,606&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,606&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,051&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,606&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(24,378&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,647&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(16,074&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Included in the statement of income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;436&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(721&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(16,814&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,995&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,616&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;51%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,487&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,885&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(41,192&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;32,642&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,616&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,794&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;51%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:DeferredIncomeTaxAndSocialContributionTextBlock>
  <pags:EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The estimated realization of deferred tax assets in non-current assets and liabilities is as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Asset&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Liability&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Asset&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Liability&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,126&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2018&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,895&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(20,728&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,126&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2019&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,040&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,008&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(8,126&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2020&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,111&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,454&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;940&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;67%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2021&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;982&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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&lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;37,015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(42,809&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,305&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(24,378&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;67%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock>
  <pags:ReconciliationOfTheDifferenceBetweenTheActualIncomeTaxAndSocialContributionExpenseAndTheExpenseComputedByApplyingTheFederalStatutoryRateTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td colspan=&quot;13&quot; width=&quot;100%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(b) Reconciliation of the income tax and social contribution expense &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&lt;br /&gt; PagSeguro Group computed income tax and social contribution under the taxable income method. The following is a reconciliation of the difference between the actual income tax and social contribution expense and the expense computed by applying the federal statutory rate for the years ended December&amp;#160;31, 2017, 2016 and 2015:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December, 31&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Profit for the period before taxes&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;683,504&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;155,359&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;40,315&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Statutory rate&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;34%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;34%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;34%&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Expected income tax and social contribution&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(232,391&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(52,822&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(13,707&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution effect on:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Permanent additions (exclusions)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Participation in the results of partners and managers&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(314&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(234&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gifts&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(149&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;R&amp;amp;D and technological innovation benefit - Law 11.196/05(i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;24,987&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,898&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;11,596&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; rowspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on own capital&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;485&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27,580&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(4,826&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution - current&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(214,988&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(7,431&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(2,587&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;60%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Income tax and social contribution - deferred&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,278&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:ReconciliationOfTheDifferenceBetweenTheActualIncomeTaxAndSocialContributionExpenseAndTheExpenseComputedByApplyingTheFederalStatutoryRateTextBlock>
  <pags:ShareCapitalTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017, all issued shares were fully paid. At December&amp;#160;31, 2017, the share capital, after retroactively reflecting the&amp;#160;reverse share split, is represented by 262,288,607 common shares, with no par value. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Share capital is composed of the following&amp;#160;shares: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;December&amp;#160;31, 2015 shares outstanding (1)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;220,808,044&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Capitalization of control party related party payable (2)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;13,305,204&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Issuance of shares to UOL for transfer of Net+Phone and Boa Compra (3)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;28,175,359&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;December&amp;#160;31, 2016 shares outstanding&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;89%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;December&amp;#160;31, 2017 shares outstanding&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;89%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:ShareCapitalTextBlock>
  <pags:DividendsPagseguroTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Brazil bylaws establish that profit for the year and interest on own capital should be allocated, in full or in part, to the constitution of reserves. Presented below are the dividends distributed by each entity consolidated in these financial statements other than Net+Phone and BIVA which recorded accumulated losses in all periods presented: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;PagSeguro Brazil&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;115,727&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;37,010&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net investment&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27,209&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;115,727&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,801&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer to legal reserve (5%)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(23,939&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,786&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Adjusted income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;454,842&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;109,941&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;9,311&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Mandatory minimum dividends (1%)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,548&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;93&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additional dividends proposed (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;234,255&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total dividends distributed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;238,803&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;93&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on own capital (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,059&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Number of common shares&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,289&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,289&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;220,808&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends per share (in reais)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.9105&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0004&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interest on own capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0994&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;76%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:DividendsPagseguroTextBlock>
  <pags:DividendsBoaCompraTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Boa Compra&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,715&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,625&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transfer to legal reserve (5%) *&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Adjusted income for the year&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,715&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,858&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,625&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Mandatory minimum dividends (1%)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;16&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Additional dividends proposed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;65&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total dividends distributed&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;81&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Number of common shares&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,381,317&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,381,317&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;198,557&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends per share (in reais)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0,0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0,0000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0,4079&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;77%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:DividendsBoaCompraTextBlock>
<!-- ELement Id pags_WeightedAverageNumberOfCommonSharesIssuedAndOutstandingTextBlock -->
  <pags:WeightedAverageNumberOfCommonSharesIssuedAndOutstandingTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Basic and diluted earnings per share are calculated by dividing the profit attributable to shareholders of PagSeguro Group by the weighted average number of common shares issued and outstanding during the year: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Profit attributable to owners of the Company&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;478,781&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;127,186&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;35,084&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Weighted average number of common shares&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;262,288,607&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Basic and diluted earnings per share - in reais&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1.8254&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.4849&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;0.1338&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:WeightedAverageNumberOfCommonSharesIssuedAndOutstandingTextBlock>
  <pags:TotalRevenueAndIncomeTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;21. Total revenue and income&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gross revenue from transaction activities and other services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,391,381&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;543,818&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;305,298&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gross revenue from sales&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;655,153&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;371,517&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;238,947&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gross financial income (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;858,410&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;411,413&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;243,566&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other financial income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;8,576&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;5,337&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,744&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total gross revenue and income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,913,520&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,332,085&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;798,556&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deductions from gross revenue from transactions&amp;#160;activities and other services (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(167,120&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,793&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(37,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deductions from gross revenue from sales (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(183,229&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(110,923&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(62,430&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Deductions from gross financial income (iv)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(39,786&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,984&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(24,104&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total deductions from gross revenue and income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(390,135&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(193,700&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(123,635&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total revenue and income&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,523,385&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,138,385&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;674,920&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;70%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;3%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:TotalRevenueAndIncomeTextBlock>
  <pags:ExpensesByNatureTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;h1 style=&quot;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;&quot;&gt;&lt;b&gt;&lt;font color=&quot;windowtext&quot; style=&quot;font-family:Cambria,serif;font-size:14.0pt;&quot;&gt;22. Expenses by nature&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/h1&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Transactions costs&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(661,067&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(283,630&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(145,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of goods sold&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(451,635&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(233,419&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(178,608&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Marketing and advertising&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(275,394&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(204,857&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(153,467&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Personnel expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(105,794&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(63,280&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(48,130&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial expenses (i)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(104,544&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(68,301&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29,696&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Chargebacks (ii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(47,854&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(31,557&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27,490&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation and amortization (iii)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(51,571&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(31,246&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(983,027&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(634,606&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Classified as:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(829,661&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(357,811&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(191,710&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of sales&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(494,719&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(265,856&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(190,773&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Selling expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(245,759&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(199,937&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(162,642&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(153,177&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(84,461&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(61,129&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(104,544&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(68,301&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(29,696&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other (expenses) income, net&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(12,021&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(6,660&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,345&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;75%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,839,881&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(983,027&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(634,606&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;75%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:ExpensesByNatureTextBlock>
  <pags:DepreciationAndAmortizationTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;(iii)&lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman;font-size:7.0pt;&quot;&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &lt;/font&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;The depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2015&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of sales and services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,088&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(895&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(904&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Selling expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(10&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(11&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(27&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(714&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(371&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(393&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,812&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,277&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,324&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortization&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cost of sales and services&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(54,151&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(32,846&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,377&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(375&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(59&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(333&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; 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&lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(54,526&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(32,905&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,767&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;79%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Depreciation and amortization expense, net&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(31,246&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(18,933&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;79%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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&lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:DepreciationAndAmortizationTextBlock>
  <pags:FinancialAssetsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;PagSeguro Group classifies its financial instruments into the following categories: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;6&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial assets&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Measured at fair value through profit or loss:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial investments&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;210,103&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;131,239&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Loans and receivables:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;66,767&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;79,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Note receivables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,522,349&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,715,514&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Receivables from related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;124,723&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;300,809&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other receivables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;27,956&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,951,898&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,232,026&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; 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  <pags:FinancialLiabilitiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Financial liabilities&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Measured at fair value through profit or loss:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Derivative financial instruments&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,613&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,613&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Amortized cost:&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,080,569&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,304,031&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;92,444&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;61,719&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables to related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;39,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;76,249&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;205,204&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends payable and interest on own capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,243&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,872&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,244&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;3,227,986&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,684,690&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:FinancialLiabilitiesTextBlock>
  <pags:DerivativeFinancialInstrumentsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The amounts of derivative financial instruments are summarized as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;10&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Maturity&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Notional&amp;#160;value&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Fair value&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign exchange and interest&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;January&amp;#160;2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;129,480&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;132,761&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interbank Deposit Certificate (CDI)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;January 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(129,480&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(138,036&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(5,275&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Foreign exchange and interest&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;March 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;70,000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;71,537&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Interbank Deposit Certificate (CDI)&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;March 2017&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(70,000&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(72,875&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(1,338&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;71%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(6,613&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;71%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:DerivativeFinancialInstrumentsTextBlock>
  <pags:ContractualUndiscountedCashFlowsTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The table below shows PagSeguro Group&amp;#39;s non-derivative financial liabilities divided into the relevant maturity group based on the remaining period from the balance sheet date and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 30 days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 31 to 120&lt;br /&gt; days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 121 to 180&lt;br /&gt; days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;within&lt;br /&gt; 181 to 360&lt;br /&gt; days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;Due&amp;#160;to&amp;#160;361&lt;br /&gt; days or&lt;br /&gt; more days&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2017&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,890,080&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;133,070&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;31,081&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;26,338&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;81,152&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;6,032&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,740&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,083&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,437&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables to related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;39,101&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,872&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;At December&amp;#160;31, 2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Payables to third parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;1,228,922&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;60,396&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;10,152&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,561&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;54,125&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;4,827&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;63&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;2,704&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Trade payables to related parties&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;76,249&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;208,374&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Dividends payable and interest on own capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;22,243&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;63%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Other payables&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;2%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;15,244&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;-&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:ContractualUndiscountedCashFlowsTextBlock>
  <pags:CapitalManagementTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;During 2016, PagSeguro Group&amp;#39;s strategy was to maintain a gearing ratio of up to 20%. &lt;/font&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;The gearing ratio at December&amp;#160;31, 2016 was as follows: &lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;December&amp;#160;31,&amp;#160;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Borrowings&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;205,204&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(-) Cash and cash equivalents&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;(79,969&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;)&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Net debt&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;125,235&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total equity&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;626,862&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Total capital&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;752,097&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr&gt; &lt;td valign=&quot;bottom&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;div style=&quot;border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;border:none;margin:0in;margin-bottom:.0001pt;padding:0in;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;top&quot; width=&quot;87%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Gearing ratio&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;7%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; 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style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/div&gt; &lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:1.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/table&gt;</pags:CapitalManagementTextBlock>
  <pags:NoncashInvestingAndFinancingActivitiesTextBlock contextRef="Context1">&lt;!--DOCTYPE html PUBLIC &quot;-//W3C//DTD XHTML 1.0 Transitional//EN&quot; &quot;http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd&quot; --&gt;&lt;p style=&quot;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;Non-cash investing and financing activities &lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;EN-US&quot; style=&quot;font-family:Times New Roman,serif;font-size:12.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;table border=&quot;0&quot; cellpadding=&quot;0&quot; cellspacing=&quot;0&quot; width=&quot;100%&quot; style=&quot;border-collapse:collapse;width:100.0%;&quot;&gt; &lt;tr&gt; &lt;td width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; width=&quot;1%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;td style=&quot;padding:0in 0in 0in 0in;&quot;&gt;&lt;/td&gt; &lt;/tr&gt; &lt;tr style=&quot;page-break-inside:avoid;&quot;&gt; &lt;td valign=&quot;bottom&quot; width=&quot;84%&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; 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style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot; style=&quot;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;center&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;b&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;2016&lt;/font&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:8.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; 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style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; &lt;p align=&quot;right&quot; style=&quot;margin:0in;margin-bottom:.0001pt;&quot;&gt;&lt;font lang=&quot;PT-BR&quot; style=&quot;font-family:Times New Roman,serif;font-size:10.0pt;&quot;&gt;399,048&lt;/font&gt;&lt;/p&gt; &lt;/td&gt; &lt;td nowrap=&quot;nowrap&quot; valign=&quot;bottom&quot; style=&quot;background:#CCEEFF;padding:0in 0in 0in 0in;&quot;&gt; 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  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context93">2.5 to 5</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context94">2.5 to 5</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context95">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context96">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context97">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context98">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context99">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context100">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context101">5 to 10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context102">10</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
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  <pags:CollectionIsExpected contextRef="Context1">one year</pags:CollectionIsExpected>
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  <pags:IntagibleAssetsWithUsefulLifeDefined contextRef="Context110">five years</pags:IntagibleAssetsWithUsefulLifeDefined>
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  <ifrs-full:PropertyPlantAndEquipment contextRef="Context336" unitRef="Unit2" decimals="-3">-444000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context337" unitRef="Unit2" decimals="-3">408000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context338" unitRef="Unit2" decimals="-3">4294000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context339" unitRef="Unit2" decimals="-3">190000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context340" unitRef="Unit2" decimals="-3">397000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context341" unitRef="Unit2" decimals="-3">-40000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context342" unitRef="Unit2" decimals="-3">-66000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context343" unitRef="Unit2" decimals="-3">150000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context344" unitRef="Unit2" decimals="-3">331000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context345" unitRef="Unit2" decimals="-3">100000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context346" unitRef="Unit2" decimals="-3">263000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context347" unitRef="Unit2" decimals="-3">-15000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context348" unitRef="Unit2" decimals="-3">-29000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context349" unitRef="Unit2" decimals="-3">85000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context350" unitRef="Unit2" decimals="-3">234000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context352" unitRef="Unit2" decimals="-3">132000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context354" unitRef="Unit2" decimals="-3">-42000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context356" unitRef="Unit2" decimals="-3">90000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context317" unitRef="Unit2" decimals="-3">8464000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context318" unitRef="Unit2" decimals="-3">16607000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context319" unitRef="Unit2" decimals="-3">-3906000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment contextRef="Context320" unitRef="Unit2" decimals="-3">-5718000</ifrs-full:PropertyPlantAndEquipment>
  <pags:PropertyAndEquipmentOpeningBalance contextRef="Context326" unitRef="Unit2" decimals="-3">3882000</pags:PropertyAndEquipmentOpeningBalance>
  <pags:PropertyAndEquipmentOpeningBalance contextRef="Context332" unitRef="Unit2" decimals="-3">33000</pags:PropertyAndEquipmentOpeningBalance>
  <pags:PropertyAndEquipmentOpeningBalance contextRef="Context338" unitRef="Unit2" decimals="-3">408000</pags:PropertyAndEquipmentOpeningBalance>
  <pags:PropertyAndEquipmentOpeningBalance contextRef="Context344" unitRef="Unit2" decimals="-3">150000</pags:PropertyAndEquipmentOpeningBalance>
  <pags:PropertyAndEquipmentOpeningBalance contextRef="Context350" unitRef="Unit2" decimals="-3">85000</pags:PropertyAndEquipmentOpeningBalance>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context93" unitRef="Unit2" decimals="-3">3316000</pags:AcquisitionsPropertyPlantAndEquipment>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context97" unitRef="Unit2" decimals="-3">1000</pags:AcquisitionsPropertyPlantAndEquipment>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context101" unitRef="Unit2" decimals="-3">4171000</pags:AcquisitionsPropertyPlantAndEquipment>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context357" unitRef="Unit2" decimals="-3">176000</pags:AcquisitionsPropertyPlantAndEquipment>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context99" unitRef="Unit2" decimals="-3">94000</pags:AcquisitionsPropertyPlantAndEquipment>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context103" unitRef="Unit2" decimals="-3">114000</pags:AcquisitionsPropertyPlantAndEquipment>
  <pags:AcquisitionsPropertyPlantAndEquipment contextRef="Context1" unitRef="Unit2" decimals="-3">7873000</pags:AcquisitionsPropertyPlantAndEquipment>
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  <pags:AcquisitionOfSubsidiary contextRef="Context101" unitRef="Unit2" decimals="-3">19000</pags:AcquisitionOfSubsidiary>
  <pags:AcquisitionOfSubsidiary contextRef="Context357" unitRef="Unit2" decimals="-3">31000</pags:AcquisitionOfSubsidiary>
  <pags:AcquisitionOfSubsidiary contextRef="Context99" unitRef="Unit2" decimals="-3">69000</pags:AcquisitionOfSubsidiary>
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  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context97" unitRef="Unit2" decimals="-3">-4000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context101" unitRef="Unit2" decimals="-3">-304000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context357" unitRef="Unit2" decimals="-3">-26000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context99" unitRef="Unit2" decimals="-3">-14000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context103" unitRef="Unit2" decimals="-3">-42000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context1" unitRef="Unit2" decimals="-3">-1812000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context358" unitRef="Unit2" decimals="-3" id="Fact32">143989000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context359" unitRef="Unit2" decimals="-3" id="Fact33">241490000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context360" unitRef="Unit2" decimals="-3" id="Fact34">-61858000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context361" unitRef="Unit2" decimals="-3" id="Fact35">-115665000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context362" unitRef="Unit2" decimals="-3" id="Fact36">82131000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context363" unitRef="Unit2" decimals="-3" id="Fact37">125825000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context364" unitRef="Unit2" decimals="-3">5393000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context365" unitRef="Unit2" decimals="-3">9510000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context366" unitRef="Unit2" decimals="-3">-1416000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context367" unitRef="Unit2" decimals="-3">-2043000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context368" unitRef="Unit2" decimals="-3">3977000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context369" unitRef="Unit2" decimals="-3">7467000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context371" unitRef="Unit2" decimals="-3">1981000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context373" unitRef="Unit2" decimals="-3">-91000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context375" unitRef="Unit2" decimals="-3">1890000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context377" unitRef="Unit2" decimals="-3" id="Fact38">23686000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context381" unitRef="Unit2" decimals="-3" id="Fact39">23686000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context317" unitRef="Unit2" decimals="-3">149382000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context318" unitRef="Unit2" decimals="-3">276667000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context319" unitRef="Unit2" decimals="-3">-63274000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill contextRef="Context320" unitRef="Unit2" decimals="-3">-117799000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <pags:IntangibleAssetsAndGoodwillAtBeginningOfPeriod contextRef="Context363" unitRef="Unit2" decimals="-3">82131000</pags:IntangibleAssetsAndGoodwillAtBeginningOfPeriod>
  <pags:IntangibleAssetsAndGoodwillAtBeginningOfPeriod contextRef="Context369" unitRef="Unit2" decimals="-3">3977000</pags:IntangibleAssetsAndGoodwillAtBeginningOfPeriod>
  <pags:IntangibleAssetsAndGoodwillAtBeginningOfPeriod contextRef="Context2" unitRef="Unit2" decimals="-3">86108000</pags:IntangibleAssetsAndGoodwillAtBeginningOfPeriod>
  <pags:AcquisitionsIntangibleAssets contextRef="Context382" unitRef="Unit2" decimals="-3">97491000</pags:AcquisitionsIntangibleAssets>
  <pags:AcquisitionsIntangibleAssets contextRef="Context383" unitRef="Unit2" decimals="-3">1210000</pags:AcquisitionsIntangibleAssets>
  <pags:AcquisitionsIntangibleAssets contextRef="Context384" unitRef="Unit2" decimals="-3">971000</pags:AcquisitionsIntangibleAssets>
  <pags:AcquisitionsIntangibleAssets contextRef="Context385" unitRef="Unit2" decimals="-3">26184000</pags:AcquisitionsIntangibleAssets>
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<!-- ELement Id pags_IntangibleAssetsAcquisitionOfSubsidiary -->
  <pags:IntangibleAssetsAcquisitionOfSubsidiary contextRef="Context382" unitRef="Unit2" decimals="-3">10000</pags:IntangibleAssetsAcquisitionOfSubsidiary>
  <pags:IntangibleAssetsAcquisitionOfSubsidiary contextRef="Context383" unitRef="Unit2" decimals="-3">1419000</pags:IntangibleAssetsAcquisitionOfSubsidiary>
  <pags:IntangibleAssetsAcquisitionOfSubsidiary contextRef="Context1" unitRef="Unit2" decimals="-3">1429000</pags:IntangibleAssetsAcquisitionOfSubsidiary>
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  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill contextRef="Context384" unitRef="Unit2" decimals="-3">1010000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill>
  <ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill contextRef="Context385" unitRef="Unit2" decimals="-3">-2498000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill>
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  <ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill contextRef="Context383" unitRef="Unit2" decimals="-3">-627000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill contextRef="Context384" unitRef="Unit2" decimals="-3">-91000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill contextRef="Context1" unitRef="Unit2" decimals="-3">-54526000</ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context362" unitRef="Unit2" decimals="-3">82131000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context363" unitRef="Unit2" decimals="-3">125825000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context368" unitRef="Unit2" decimals="-3">3977000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context369" unitRef="Unit2" decimals="-3">7467000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context375" unitRef="Unit2" decimals="-3">1890000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context381" unitRef="Unit2" decimals="-3">23686000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context3" unitRef="Unit2" decimals="-3">86108000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context2" unitRef="Unit2" decimals="-3">158868000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context358" unitRef="Unit2" decimals="-3">143989000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context359" unitRef="Unit2" decimals="-3">241490000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context364" unitRef="Unit2" decimals="-3">5393000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context365" unitRef="Unit2" decimals="-3">9510000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context371" unitRef="Unit2" decimals="-3">1981000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context377" unitRef="Unit2" decimals="-3">23686000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context317" unitRef="Unit2" decimals="-3">149382000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context318" unitRef="Unit2" decimals="-3">276667000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context360" unitRef="Unit2" decimals="-3">-61858000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context361" unitRef="Unit2" decimals="-3">-115665000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context366" unitRef="Unit2" decimals="-3">-1416000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context367" unitRef="Unit2" decimals="-3">-2043000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context373" unitRef="Unit2" decimals="-3">-91000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context319" unitRef="Unit2" decimals="-3">-63274000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:IntangibleAssetsAndGoodwill contextRef="Context320" unitRef="Unit2" decimals="-3">-117799000</ifrs-full:IntangibleAssetsAndGoodwill>
  <ifrs-full:AmortisationMethodIntangibleAssetsOtherThanGoodwill contextRef="Context1">three to five years</ifrs-full:AmortisationMethodIntangibleAssetsOtherThanGoodwill>
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  <ifrs-full:BorrowingsInterestRate contextRef="Context390" unitRef="Unit3" decimals="7">0.0286450</ifrs-full:BorrowingsInterestRate>
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  <ifrs-full:BorrowingsMaturity contextRef="Context388">January 2017</ifrs-full:BorrowingsMaturity>
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  <ifrs-full:Borrowings contextRef="Context387" unitRef="Unit2" decimals="-3">133874000</ifrs-full:Borrowings>
  <ifrs-full:Borrowings contextRef="Context390" unitRef="Unit2" decimals="-3">71330000</ifrs-full:Borrowings>
  <ifrs-full:Borrowings contextRef="Context392" unitRef="Unit2" decimals="-3">40000000</ifrs-full:Borrowings>
  <ifrs-full:Borrowings contextRef="Context393" unitRef="Unit2" decimals="-3">129390000</ifrs-full:Borrowings>
  <ifrs-full:Borrowings contextRef="Context394" unitRef="Unit2" decimals="-3">21766000</ifrs-full:Borrowings>
  <ifrs-full:Borrowings contextRef="Context395" unitRef="Unit2" decimals="-3">70000000</ifrs-full:Borrowings>
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  <pags:SalariesAndSocialChargesProfitSharing contextRef="Context2" unitRef="Unit2" decimals="-3">15237000</pags:SalariesAndSocialChargesProfitSharing>
  <pags:SalariesAndSocialChargesSalariesPayable contextRef="Context3" unitRef="Unit2" decimals="-3">1682000</pags:SalariesAndSocialChargesSalariesPayable>
  <pags:SalariesAndSocialChargesSalariesPayable contextRef="Context2" unitRef="Unit2" decimals="-3">2758000</pags:SalariesAndSocialChargesSalariesPayable>
<!-- ELement Id pags_SalariesAndSocialChargesSocialCharges -->
  <pags:SalariesAndSocialChargesSocialCharges contextRef="Context3" unitRef="Unit2" decimals="-3">3225000</pags:SalariesAndSocialChargesSocialCharges>
  <pags:SalariesAndSocialChargesSocialCharges contextRef="Context2" unitRef="Unit2" decimals="-3">5102000</pags:SalariesAndSocialChargesSocialCharges>
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  <pags:SalariesAndSocialChargesPayrollAccruals contextRef="Context2" unitRef="Unit2" decimals="-3">9807000</pags:SalariesAndSocialChargesPayrollAccruals>
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  <pags:SalariesAndSocialChargesOther contextRef="Context2" unitRef="Unit2" decimals="-3">1365000</pags:SalariesAndSocialChargesOther>
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  <pags:SocialIntegrationProgram contextRef="Context3" unitRef="Unit2" decimals="-3" id="Fact45">2690000</pags:SocialIntegrationProgram>
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  <pags:SocialContributionOnRevenues contextRef="Context3" unitRef="Unit2" decimals="-3" id="Fact47">16544000</pags:SocialContributionOnRevenues>
  <pags:IncomeTaxAndSocialContribution contextRef="Context2" unitRef="Unit2" decimals="-3" id="Fact48">35474000</pags:IncomeTaxAndSocialContribution>
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  <pags:TaxesOther contextRef="Context3" unitRef="Unit2" decimals="-3">690000</pags:TaxesOther>
  <pags:TaxesTotal contextRef="Context2" unitRef="Unit2" decimals="-3">124681000</pags:TaxesTotal>
  <pags:TaxesTotal contextRef="Context3" unitRef="Unit2" decimals="-3">24902000</pags:TaxesTotal>
<!-- ELement Id pags_JudicialDepositsServicesTax -->
  <pags:JudicialDepositsServicesTax contextRef="Context2" unitRef="Unit2" decimals="-3" id="Fact49">-11375000</pags:JudicialDepositsServicesTax>
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  <pags:JudicialDepositsSocialIntegrationProgram contextRef="Context2" unitRef="Unit2" decimals="-3" id="Fact51">-8188000</pags:JudicialDepositsSocialIntegrationProgram>
  <pags:JudicialDepositsSocialIntegrationProgram contextRef="Context3" unitRef="Unit2" decimals="-3" id="Fact52">-2516000</pags:JudicialDepositsSocialIntegrationProgram>
  <pags:JudicialDepositsSocialContributionOnRevenues contextRef="Context2" unitRef="Unit2" decimals="-3" id="Fact53">-50389000</pags:JudicialDepositsSocialContributionOnRevenues>
  <pags:JudicialDepositsSocialContributionOnRevenues contextRef="Context3" unitRef="Unit2" decimals="-3" id="Fact54">-15475000</pags:JudicialDepositsSocialContributionOnRevenues>
  <pags:JudicialDepositsTotal contextRef="Context2" unitRef="Unit2" decimals="-3" id="Fact55">-72617000</pags:JudicialDepositsTotal>
  <pags:JudicialDepositsTotal contextRef="Context3" unitRef="Unit2" decimals="-3" id="Fact56">-17991000</pags:JudicialDepositsTotal>
  <pags:ProvisionForCivilContingencies contextRef="Context2" unitRef="Unit2" decimals="-3">4326000</pags:ProvisionForCivilContingencies>
  <pags:ProvisionForCivilContingencies contextRef="Context3" unitRef="Unit2" decimals="-3">555000</pags:ProvisionForCivilContingencies>
  <pags:ProvisionForLaborContingencies contextRef="Context2" unitRef="Unit2" decimals="-3">322000</pags:ProvisionForLaborContingencies>
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<!-- ELement Id pags_AmortizationCostOfSalesAndServices -->
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<!-- ELement Id ifrs-full_FinancialAssetsAtFairValue -->
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<!-- ELement Id ifrs-full_Borrowings -->
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<!-- ELement Id ifrs-full_ParValuePerShare -->
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  <!-- Footnote Section -->
  <link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote1_lbl">Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa or Mastercard. However, PagSeguro Brazil's contractual note receivables are with the financial institutions, which are the legal obligors on the note receivables. Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa or Mastercard, as applicable, in the event that the legal obligors do not make payment. PagSeguro Brazil started operating directly as a financial intermediary in 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote2_lbl">Acquirers: refers to card processing transactions to be received from the acquirers, which are third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil. This balance also includes the receivables from sales of debit and credit card readers.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote3_lbl">The receivables/payables with related parties arising from cash management are settled within one month and are free of interest. Shared service costs are offset with these balances. The receivables are unsecured in nature and no provisions are held against receivables from related parties. In April and September 2017, PagSeguro Brazil decided to settle a portion of its outstanding balance with related parties, as described below. On April 30, 2017, PagSeguro Brazil approved the settlement of R$22,149 related to interest on own capital that was distributed with respect to the year ended December 31, 2016. PagSeguro Brazil agreed with UOL that the full amount of this outstanding interest on own capital would be offset against receivables under the centralized cash management with UOL. In addition, as described in Note 19, on September 29, 2017 PagSeguro Brazil approved and distributed a total of R$238,803 in dividends, consisting of (i) dividends related to the year ended December 31, 2016 in the amount of R$96,008; and (ii) dividends related to the six-month period ended June 30, 2017 in the amount of R$142,794. PagSeguro Brazil agreed with UOL to offset R$184,530 from the total amount of R$238,803 against receivables under the centralized cash management with UOL and that PagSeguro Brazil would pay the remaining balance of R$54,273 in cash to UOL.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote4_lbl">Sale of services refers mainly to purchase of (i) advertising services from UOL and (ii) services related to technical support in computing and hosting from UOL Diveo Tecnologia Ltda. ('UOL Diveo'), which started in 2016. In addition, during 2016, an amount of R$ 63,264 (composed by R$ 26,610 and R$ 36,654) previously recorded as accounts payable was used for capital contributions, as described in Note 19.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote5_lbl">Shared services costs mainly related to (i) payroll costs, (ii) IT structure / software and (iii) rental costs are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements. Such costs are included in administrative expenses.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote6_lbl">The main costs that the UOL Group allocated to PagSeguro Brazil (based on the number of employees and/or the time worked, basis that management believes is reasonable), are (i) payroll costs, (ii) IT structure / software and (iii) rental costs. The allocated costs to the carve-out financial statements are included in administrative expenses.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote7_lbl">Sale of services related to advertising services are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote8_lbl">Sales of services related to advertising services were allocated based on intercompany cost, a basis that management believes is reasonable from January 2014 through July 2015.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote9_lbl">Shared services costs are incurred by the affiliated company UOL Diveo and are charged to PagSeguro Brazil pursuant to contractual agreements. The main costs are related to IT structure/software.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote10_lbl">Sale of services from the affiliated company UOL Diveo related to technical support in computing and hosting services (started in 2016) and are charged to PagSeguro Brazil pursuant to contractual agreements.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote11_lbl">PagSeguro Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives, within a range from three to five years.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote12_lbl">Goodwill provided on the acquisition of the companies R2TECH and BIVA as described in Note 10.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote13_lbl">Refers to taxes on revenue of transaction activities. </link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote14_lbl">Refers to the Value-added Tax on Sales and Services (ICMS) amounts due by Net+Phone, related to tax substitution and tax rate differential, applied on sales of credit and debit card readers. </link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote15_lbl">Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote16_lbl">Refers to the income tax and social contribution payable on current income taxes and contribution.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote17_lbl">PagSeguro Group obtained court decisions to deposit the amount related to the payments in escrow for matters discussed in items 'i', 'ii' and 'iii' above.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote18_lbl">The main temporary differences representing the balance of the deferred tax liability refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the tax charges on the capitalized amount of property and equipment.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote19_lbl">The shareholder UOL increased PagSeguro Brazil share capital on August 1, 2015 by the amount of R$ 329,961 (164,980,523 shares) and on December 30, 2015, by the amount of R$ 69,087 (34,543,522 shares), in the total amount of R$ 399,048, through the transfer of assets and liabilities related to payment operations which had been previously recorded in UOL, thus centralizing these activities in PagSeguro Brazil from thereon, resulting in total shares outstanding at December 31, 2015 of 220,808,044;</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote20_lbl">On May 31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 26,610 (13,305,204 shares);</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote21_lbl">On May 31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 36,654 (18,327,103 shares) in Net+Phone. After that, as described in Note 2, in July 2016, UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution in the amount of R$ 56,351 (28,175,359 shares).</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote22_lbl">The distribution of interest on own capital was approved in the shareholders' meeting held on December 30, 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote23_lbl">At the Extraordinary General Shareholders Meeting held on September 29, 2017, PagSeguro Brazil's shareholders approved the distribution of (i) R$142,795 of dividends related to the six-month period ended June 30, 2017 and (ii) R$96,008 in additional dividends related to the year ended December 31, 2016. The total dividends distributed amounted to R$238,803, of which R$184,530 was offset against receivables under the centralized cash management with UOL and the balance of R$54,272 was paid in cash by PagSeguro Brazil to UOL. For further details, see Note 9.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote25_lbl">Includes (a) interest from early payment related to the discount of notes payable to third parties paid in advance and (b) interest on note receivables due in installments. </link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote26_lbl">Deductions consist of services taxes. </link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote27_lbl">The deductions are composed of sales taxes and returns.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote28_lbl">Deductions consist of taxes on financial income.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote29_lbl">Our financial expenses include (a) the charges we incur to obtain early payment of receivables owed to us by card issuers and acquirers in order to finance our early payment of receivables feature for merchants, (b) interest expense on our other borrowings and (c) the cost of swaps relating to our foreign currency borrowings.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote30_lbl">Chargebacks refer to losses recognized in the period reflecting the risks of fraud associated with card processing operations, as detailed in Note 24 (iii).</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote31_lbl">The depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en" xlink:label="Footnote32_lbl">PagSeguro Brazil has a tax benefit on PIS and COFINS that allows to reduce the depreciation and amortization expenses, when incurred. This tax benefit is recognized directly as a reduction of depreciation and amortization expense.</link:footnote>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes26" id="Notes26">
        <link:definition>04020 - Disclosure - Earnings per share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes27" id="Notes27">
        <link:definition>04021 - Disclosure - Total revenue and income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes28" id="Notes28">
        <link:definition>04022 - Disclosure - Expenses by nature</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes29" id="Notes29">
        <link:definition>04023 - Disclosure - Financial instruments by category</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes30" id="Notes30">
        <link:definition>04024 - Disclosure - Financial risk management</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes31" id="Notes31">
        <link:definition>04025 - Disclosure - Capital management</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes32" id="Notes32">
        <link:definition>04026 - Disclosure - Fair value measurement</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes33" id="Notes33">
        <link:definition>04027 - Disclosure - Other disclosures on cash flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Notes34" id="Notes34">
        <link:definition>04028 - Disclosure - Subsequent events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/Policies35" id="Policies35">
        <link:definition>04029 - Disclosure - Significant Accounting Policies (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables36" id="NotesTables36">
        <link:definition>04030 - Disclosure - Presentation and preparation of the consolidated financial statements and significant accounting policies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables37" id="NotesTables37">
        <link:definition>04031 - Disclosure - Consolidation of subsidiaries (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables38" id="NotesTables38">
        <link:definition>04032 - Disclosure - Cash and cash equivalents (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables39" id="NotesTables39">
        <link:definition>04033 - Disclosure - Financial investments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables40" id="NotesTables40">
        <link:definition>04034 - Disclosure - Note receivables (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables41" id="NotesTables41">
        <link:definition>04035 - Disclosure - Related-party balances and transactions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables42" id="NotesTables42">
        <link:definition>04036 - Disclosure - Business combinations (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables43" id="NotesTables43">
        <link:definition>04037 - Disclosure - Property and equipment (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables44" id="NotesTables44">
        <link:definition>04038 - Disclosure - Intangible assets (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables45" id="NotesTables45">
        <link:definition>04039 - Disclosure - Payables to third parties (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables46" id="NotesTables46">
        <link:definition>04040 - Disclosure - Borrowings (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables47" id="NotesTables47">
        <link:definition>04041 - Disclosure - Salaries and social charges (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables48" id="NotesTables48">
        <link:definition>04042 - Disclosure - Taxes and contributions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables49" id="NotesTables49">
        <link:definition>04043 - Disclosure - Provision for contingencies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables50" id="NotesTables50">
        <link:definition>04044 - Disclosure - Income tax and social contribution (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables51" id="NotesTables51">
        <link:definition>04045 - Disclosure - Equity (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables52" id="NotesTables52">
        <link:definition>04046 - Disclosure - Earnings per share (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables53" id="NotesTables53">
        <link:definition>04047 - Disclosure - Total revenue and income (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables54" id="NotesTables54">
        <link:definition>04048 - Disclosure - Expenses by nature (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables55" id="NotesTables55">
        <link:definition>04049 - Disclosure - Financial instruments by category (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables56" id="NotesTables56">
        <link:definition>04050 - Disclosure - Financial risk management (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables57" id="NotesTables57">
        <link:definition>04051 - Disclosure - Capital management (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesTables58" id="NotesTables58">
        <link:definition>04052 - Disclosure - Other disclosures on cash flows (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails59" id="NotesDetails59">
        <link:definition>04053 - Disclosure - General information (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails60" id="NotesDetails60">
        <link:definition>04054 - Disclosure - Presentation and preparation of the consolidated financial statements and significant accounting policies (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails61" id="NotesDetails61">
        <link:definition>04055 - Disclosure - Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails62" id="NotesDetails62">
        <link:definition>04056 - Disclosure - Critical accounting estimates and judgments (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails63" id="NotesDetails63">
        <link:definition>04057 - Disclosure - Consolidation of subsidiaries (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails64" id="NotesDetails64">
        <link:definition>04058 - Disclosure - Consolidation of subsidiaries (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails65" id="NotesDetails65">
        <link:definition>04059 - Disclosure - Segment reporting (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails66" id="NotesDetails66">
        <link:definition>04060 - Disclosure - Cash and cash equivalents (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails67" id="NotesDetails67">
        <link:definition>04061 - Disclosure - Financial investments (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails68" id="NotesDetails68">
        <link:definition>04062 - Disclosure - Financial investments (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails69" id="NotesDetails69">
        <link:definition>04063 - Disclosure - Note receivables (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails70" id="NotesDetails70">
        <link:definition>04064 - Disclosure - Note receivables (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails71" id="NotesDetails71">
        <link:definition>04065 - Disclosure - Related-party balances and transactions (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails72" id="NotesDetails72">
        <link:definition>04066 - Disclosure - Related-party balances and transactions (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails73" id="NotesDetails73">
        <link:definition>04067 - Disclosure - Related-party balances and transactions (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails74" id="NotesDetails74">
        <link:definition>04068 - Disclosure - Business combinations (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails75" id="NotesDetails75">
        <link:definition>04069 - Disclosure - Business combinations (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails76" id="NotesDetails76">
        <link:definition>04070 - Disclosure - Property and equipment (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails77" id="NotesDetails77">
        <link:definition>04071 - Disclosure - Property and equipment (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails78" id="NotesDetails78">
        <link:definition>04072 - Disclosure - Intangible assets (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails79" id="NotesDetails79">
        <link:definition>04073 - Disclosure - Intangible assets (Details 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails80" id="NotesDetails80">
        <link:definition>04074 - Disclosure - Intangible assets (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails81" id="NotesDetails81">
        <link:definition>04075 - Disclosure - Payables to third parties (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails82" id="NotesDetails82">
        <link:definition>04076 - Disclosure - Borrowings (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails83" id="NotesDetails83">
        <link:definition>04077 - Disclosure - Borrowings (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails84" id="NotesDetails84">
        <link:definition>04078 - Disclosure - Salaries and social charges (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails85" id="NotesDetails85">
        <link:definition>04079 - Disclosure - Taxes and contributions (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails86" id="NotesDetails86">
        <link:definition>04080 - Disclosure - Provision for contingencies (Details 1)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails87" id="NotesDetails87">
        <link:definition>04081 - Disclosure - Provision for contingencies (Details Text)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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  <xs:element name="CapitalizationOfRelatedPartyTransactions" id="pags_CapitalizationOfRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:balance="credit" xbrli:periodType="duration" nillable="true" />
  <xs:element name="ClassCommonSharesMember" id="pags_ClassCommonSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="IPOInitialPublicOfferingAxis" id="pags_IPOInitialPublicOfferingAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="IPOInitialPublicOfferingDomain" id="pags_IPOInitialPublicOfferingDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="SharesOfferedByPagseguroDigitalMember" id="pags_SharesOfferedByPagseguroDigitalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="SharesWereOfferedByTheControllingShareholderUolMember" id="pags_SharesWereOfferedByTheControllingShareholderUolMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="CurrencyAxis" id="pags_CurrencyAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="CurrencyDomain" id="pags_CurrencyDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="AcquiredAnAdditionalAxis" id="pags_AcquiredAnAdditionalAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="AcquiredAnAdditionalDomain" id="pags_AcquiredAnAdditionalDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="AcquiredAnAdditionalMember" id="pags_AcquiredAnAdditionalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="SubsequentEventsDetailsTextAbstract" id="pags_SubsequentEventsDetailsTextAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" abstract="true" />
  <xs:element name="GlobalOfferingOfShares" id="pags_GlobalOfferingOfShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <xs:element name="ProceedsReceivedFromTheSharesOfferedByPagseguroDigitalExcludingChargesAndUnderwritingFeesTotaledApproximately" id="pags_ProceedsReceivedFromTheSharesOfferedByPagseguroDigitalExcludingChargesAndUnderwritingFeesTotaledApproximately" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" nillable="true" />
  <xs:element name="TotalAmountPaidForThisAcquisition" id="pags_TotalAmountPaidForThisAcquisition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" nillable="true" />
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>pags-20171231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8" ?>
<!-- Generated using SmartXBRL by BCL Technologies -->
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  <link:roleRef roleURI="http://www.pagseguro.uol.com.br/role/IncomeStatement4" xlink:type="simple" xlink:href="pags-20171231.xsd#IncomeStatement4" />
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  <link:roleRef roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails67" xlink:type="simple" xlink:href="pags-20171231.xsd#NotesDetails67" />
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  <link:roleRef roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails85" xlink:type="simple" xlink:href="pags-20171231.xsd#NotesDetails85" />
  <link:roleRef roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails86" xlink:type="simple" xlink:href="pags-20171231.xsd#NotesDetails86" />
  <link:roleRef roleURI="http://www.pagseguro.uol.com.br/role/NotesDetails104" xlink:type="simple" xlink:href="pags-20171231.xsd#NotesDetails104" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>pags-20171231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no" ?>
<!-- Generated using SmartXBRL by BCL Technologies -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:pags="http://www.pagseguro.uol.com.br/20171231" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Document Type</link:label>
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    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Central Index Key</link:label>
    <link:label xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Common Stock, Shares Outstanding</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Current Reporting Status</link:label>
    <link:label xlink:label="dei_EntityCurrentReportingStatus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Filer Category</link:label>
    <link:label xlink:label="dei_EntityFilerCategory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Filer Category</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Registrant Name</link:label>
    <link:label xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Voluntary Filers</link:label>
    <link:label xlink:label="dei_EntityVoluntaryFilers_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Voluntary Filers</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc"/>
    <link:label xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity Well-known Seasoned Issuer</link:label>
    <link:label xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accumulated depreciation and amortisation [member]</link:label>
    <link:label xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated depreciation and amortisation [member]</link:label>
    <link:label xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Accumulated amortization</link:label>
    <link:label xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated amortization</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="ifrs-full_AccumulatedImpairmentMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedImpairmentMember" xlink:to="ifrs-full_AccumulatedImpairmentMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accumulated impairment [member]</link:label>
    <link:label xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated impairment [member]</link:label>
    <link:label xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cost</link:label>
    <link:label xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for decrease (increase) in inventories</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in inventories</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Inventories</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:type="arc"/>
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    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in trade accounts receivable</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Note receivables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Note receivables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for decrease (increase) in trade and other receivables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in trade and other receivables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other receivables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other receivables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="ifrs-full_AdjustmentsForFinanceCosts" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for finance costs</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for finance costs</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other financial cost, net</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other financial cost, net</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for increase (decrease) in other operating payables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for increase (decrease) in other operating payables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other payables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for increase (decrease) in trade accounts payable</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for increase (decrease) in trade accounts payable</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Trade payables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for increase (decrease) in trade and other payables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for increase (decrease) in trade and other payables</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Administrative expenses</link:label>
    <link:label xlink:label="ifrs-full_AdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Administrative expenses</link:label>
    <link:label xlink:label="ifrs-full_AdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Administrative expenses</link:label>
    <link:label xlink:label="ifrs-full_AdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Administrative expenses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdvertisingExpense" xlink:label="ifrs-full_AdvertisingExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdvertisingExpense" xlink:to="ifrs-full_AdvertisingExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AdvertisingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Advertising expense</link:label>
    <link:label xlink:label="ifrs-full_AdvertisingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advertising expense</link:label>
    <link:label xlink:label="ifrs-full_AdvertisingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Marketing and advertising</link:label>
    <link:label xlink:label="ifrs-full_AdvertisingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Marketing and advertising</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationExpense" xlink:label="ifrs-full_AmortisationExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortisation expense</link:label>
    <link:label xlink:label="ifrs-full_AmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortisation expense</link:label>
    <link:label xlink:label="ifrs-full_AmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_AmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortisation, intangible assets other than goodwill</link:label>
    <link:label xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortisation, intangible assets other than goodwill</link:label>
    <link:label xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Amortization</link:label>
    <link:label xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortisation method, intangible assets other than goodwill</link:label>
    <link:label xlink:label="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortisation method, intangible assets other than goodwill</link:label>
    <link:label xlink:label="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">The PagSeguro Brazil Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives</link:label>
    <link:label xlink:label="ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The PagSeguro Brazil Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Assets</link:label>
    <link:label xlink:label="ifrs-full_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:label xlink:label="ifrs-full_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Assets</link:label>
    <link:label xlink:label="ifrs-full_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:label xlink:label="ifrs-full_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">TOTAL ASSETS</link:label>
    <link:label xlink:label="ifrs-full_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">TOTAL ASSETS</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits" xlink:label="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits" xlink:to="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Bank balances at central banks other than mandatory reserve deposits</link:label>
    <link:label xlink:label="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bank balances at central banks other than mandatory reserve deposits</link:label>
    <link:label xlink:label="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Judicial deposits</link:label>
    <link:label xlink:label="ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Judicial deposits</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Basic and diluted earnings (loss) per share</link:label>
    <link:label xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic and diluted earnings (loss) per share</link:label>
    <link:label xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Basic and diluted earnings per share - in reais</link:label>
    <link:label xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic and diluted earnings per share - in reais</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:to="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Basic earnings (loss) per share from continuing operations</link:label>
    <link:label xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic earnings (loss) per share from continuing operations</link:label>
    <link:label xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Basic and diluted earnings per common share - R$</link:label>
    <link:label xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic and diluted earnings per common share - R$</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_Borrowings_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_Borrowings_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsAbstract" xlink:label="ifrs-full_BorrowingsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAbstract" xlink:to="ifrs-full_BorrowingsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BorrowingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings by name [axis]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Borrowings by name [axis]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="ifrs-full_BorrowingsByNameMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="ifrs-full_BorrowingsByNameMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings by name [member]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [member]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Borrowings by name [member]</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings, interest rate</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, interest rate</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Average annual interest rate%</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average annual interest rate%</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Borrowings, interest rate</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, interest rate</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsMaturity" xlink:label="ifrs-full_BorrowingsMaturity" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsMaturity" xlink:to="ifrs-full_BorrowingsMaturity_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_BorrowingsMaturity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings, maturity</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsMaturity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, maturity</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsMaturity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Maturity</link:label>
    <link:label xlink:label="ifrs-full_BorrowingsMaturity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalRedemptionReserveMember" xlink:label="ifrs-full_CapitalRedemptionReserveMember" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:label xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:label xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
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    <link:label xlink:label="ifrs-full_CarryingAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Carrying amount [member]</link:label>
    <link:label xlink:label="ifrs-full_CarryingAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:label xlink:label="ifrs-full_CarryingAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Carrying amount [member]</link:label>
    <link:label xlink:label="ifrs-full_CarryingAmountMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
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    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
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    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
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    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents at the beginning of the year</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents at the beginning of the year</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents at the end of the year</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents at the end of the year</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash and cash equivalents [Abstract]</link:label>
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    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:label xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash flows from (used in) investing activities</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Categories of financial assets [axis]</link:label>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial assets [axis]</link:label>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Categories of financial assets [axis]</link:label>
    <link:label xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of financial assets [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Categories of related parties [axis]</link:label>
    <link:label xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:label xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Categories of related parties [axis]</link:label>
    <link:label xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Classes of financial assets [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Classes of financial assets [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Classes of intangible assets and goodwill [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Classes of intangible assets and goodwill [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Classes of property, plant and equipment [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Classes of property, plant and equipment [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalAxis" xlink:to="ifrs-full_ClassesOfShareCapitalAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Classes of share capital [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of share capital [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Classes of share capital [axis]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of share capital [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ifrs-full_ClassesOfShareCapitalMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalMember" xlink:to="ifrs-full_ClassesOfShareCapitalMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">ifrs-full_ClassesOfShareCapitalMember: share capital [member]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ifrs-full_ClassesOfShareCapitalMember: share capital [member]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share capital [member]</link:label>
    <link:label xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital [member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Components of equity [axis]</link:label>
    <link:label xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:label xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Components of equity [axis]</link:label>
    <link:label xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Comprehensive income</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net income for the year</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income for the year</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total comprehensive income for the year</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income for the year</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Comprehensive income, attributable to non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Comprehensive income, attributable to owners of parent</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income, attributable to owners of parent</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net income for the year</link:label>
    <link:label xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income for the year</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComputerEquipmentMember" xlink:label="ifrs-full_ComputerEquipmentMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerEquipmentMember" xlink:to="ifrs-full_ComputerEquipmentMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Computer equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Computer equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Data processing equipment</link:label>
    <link:label xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Data processing equipment</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComputerSoftwareMember" xlink:label="ifrs-full_ComputerSoftwareMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerSoftwareMember" xlink:to="ifrs-full_ComputerSoftwareMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ComputerSoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Computer software [member]</link:label>
    <link:label xlink:label="ifrs-full_ComputerSoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Computer software [member]</link:label>
    <link:label xlink:label="ifrs-full_ComputerSoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Software licenses</link:label>
    <link:label xlink:label="ifrs-full_ComputerSoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Software licenses</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CostOfSales" xlink:label="ifrs-full_CostOfSales" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cost of sales</link:label>
    <link:label xlink:label="ifrs-full_CostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of sales</link:label>
    <link:label xlink:label="ifrs-full_CostOfSales_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Cost of sales and services</link:label>
    <link:label xlink:label="ifrs-full_CostOfSales_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Cost of sales and services</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrencySwapContractMember" xlink:label="ifrs-full_CurrencySwapContractMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencySwapContractMember" xlink:to="ifrs-full_CurrencySwapContractMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrencySwapContractMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Currency swap contract [member]</link:label>
    <link:label xlink:label="ifrs-full_CurrencySwapContractMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency swap contract [member]</link:label>
    <link:label xlink:label="ifrs-full_CurrencySwapContractMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Currency swap contract [member]</link:label>
    <link:label xlink:label="ifrs-full_CurrencySwapContractMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency swap contract [member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current assets</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total current assets</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current assets [abstract]</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets [abstract]</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">CURRENT ASSETS</link:label>
    <link:label xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CURRENT ASSETS</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current derivative financial liabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current derivative financial liabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Derivative financial instruments</link:label>
    <link:label xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative financial instruments</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentInvestments" xlink:label="ifrs-full_CurrentInvestments" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInvestments" xlink:to="ifrs-full_CurrentInvestments_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current investments</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current investments</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Financial investments</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial investments</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial investments</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial investments</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_CurrentInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current liabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total current liabilities</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current liabilities</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current liabilities [abstract]</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities [abstract]</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">CURRENT LIABILITIES</link:label>
    <link:label xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CURRENT LIABILITIES</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentProvisions" xlink:label="ifrs-full_CurrentProvisions" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisions" xlink:to="ifrs-full_CurrentProvisions_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentProvisions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current provisions</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current provisions</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Provision for contingencies</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for contingencies</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisions_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisions_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentProvisionsAbstract" xlink:label="ifrs-full_CurrentProvisionsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisionsAbstract" xlink:to="ifrs-full_CurrentProvisionsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentProvisionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current provisions [abstract]</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current provisions [abstract]</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Current</link:label>
    <link:label xlink:label="ifrs-full_CurrentProvisionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxAssets" xlink:label="ifrs-full_CurrentTaxAssets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxAssets" xlink:to="ifrs-full_CurrentTaxAssets_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current tax assets</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax assets</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Taxes recoverable</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes recoverable</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current tax expense (income)</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income)</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Current income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Income tax and social contribution - current</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Income tax and social contribution - current</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current tax liabilities, current</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax liabilities, current</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Taxes and contributions</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes and contributions</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Customer-related intangible assets [member]</link:label>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer-related intangible assets [member]</link:label>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Customer relationships</link:label>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Customer relationships</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Customer-related intangible assets recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer-related intangible assets recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Intangible assets-Portfolio of customers</link:label>
    <link:label xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets-Portfolio of customers</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax assets</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Deferred income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Assets</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Assets</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax assets and liabilities [abstract]</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets and liabilities [abstract]</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Deferred tax assets and liabilities</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="ifrs-full_DeferredTaxExpenseIncome" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax expense (income)</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income)</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Deferred income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax and social contribution</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:to="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax expense (income) [abstract]</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) [abstract]</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Deferred tax</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax expense (income) recognised in profit or loss</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) recognised in profit or loss</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Included in the statement of income</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Included in the statement of income</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax liabilities</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Deferred income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Liabilities</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:to="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred tax relating to items credited (charged) directly to equity</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax relating to items credited (charged) directly to equity</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Taken directly to equity</link:label>
    <link:label xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taken directly to equity</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Depreciation and amortisation expense</link:label>
    <link:label xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation and amortisation expense</link:label>
    <link:label xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Depreciation and amortization</link:label>
    <link:label xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationExpense" xlink:label="ifrs-full_DepreciationExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Depreciation expense</link:label>
    <link:label xlink:label="ifrs-full_DepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation expense</link:label>
    <link:label xlink:label="ifrs-full_DepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_DepreciationExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Depreciation, property, plant and equipment</link:label>
    <link:label xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, property, plant and equipment</link:label>
    <link:label xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Depreciation</link:label>
    <link:label xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for business combinations [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for business combinations [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.17 Business combination</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.17 Business combination</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for deferred income tax [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for deferred income tax [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.15 Current and deferred income tax and social contribution</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.15 Current and deferred income tax and social contribution</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for employee benefits [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for employee benefits [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.16 Employee benefits - Benefits of performance</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.16 Employee benefits - Benefits of performance</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for financial instruments [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for financial instruments [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.5 Financial instruments - initial recognition and subsequent measurement</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.5 Financial instruments - initial recognition and subsequent measurement</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for foreign currency translation [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for foreign currency translation [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.3 Foreign currency translation</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.3 Foreign currency translation</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for impairment of non-financial assets [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for impairment of non-financial assets [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.10 Impairment of non-financial assets</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.10 Impairment of non-financial assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for intangible assets and goodwill [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for intangible assets and goodwill [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.9 Intangible assets</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.9 Intangible assets</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for loans and receivables [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for loans and receivables [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.6 Note receivables</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.6 Note receivables</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for measuring inventories [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for measuring inventories [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.7 Inventories</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.7 Inventories</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for property, plant and equipment [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.8 Property and equipment</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.8 Property and equipment</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for provisions [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for provisions [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.12 Provisions</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.12 Provisions</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for recognition of revenue [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.13 Revenue recognition</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.13 Revenue recognition</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for restricted cash and cash equivalents [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for restricted cash and cash equivalents [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.4 Cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.4 Cash and cash equivalents</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements" xlink:label="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements" xlink:to="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of other accounting policies relevant to understanding of financial statements [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of other accounting policies relevant to understanding of financial statements [text block]</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.1 Preparation and presentation of the consolidated financial statements</link:label>
    <link:label xlink:label="ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.1 Preparation and presentation of the consolidated financial statements</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of accounting judgements and estimates [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of accounting judgements and estimates [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Critical accounting estimates and judgments</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Critical accounting estimates and judgments</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBasisOfConsolidationExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfConsolidationExplanatory" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of basis of consolidation [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of basis of consolidation [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of borrowings [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of borrowings [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Borrowings</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of business combinations [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of business combinations [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Business combinations</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Business combinations</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of cash and cash equivalents [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of cash and cash equivalents [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of earnings per share [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of earnings per share [text block]</link:label>
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    <link:label xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Earnings per share</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:label xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of significant accounting policies [text block]</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Presentation and preparation of the consolidated financial statements and significant accounting policies</link:label>
    <link:label xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Presentation and preparation of the consolidated financial statements and significant accounting policies</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DividendsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends recognised as distributions to owners</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends recognised as distributions to owners</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Distribution of dividends</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaid_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution of dividends</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:to="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends paid, ordinary shares per share</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid, ordinary shares per share</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Dividends per share (in reais)</link:label>
    <link:label xlink:label="ifrs-full_DividendsPaidOrdinarySharesPerShare_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends per share (in reais)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPayable" xlink:label="ifrs-full_DividendsPayable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPayable" xlink:to="ifrs-full_DividendsPayable_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_DividendsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends payable, non-cash assets distributions</link:label>
    <link:label xlink:label="ifrs-full_DividendsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends payable, non-cash assets distributions</link:label>
    <link:label xlink:label="ifrs-full_DividendsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Dividends payable and interest on own capital</link:label>
    <link:label xlink:label="ifrs-full_DividendsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends payable and interest on own capital</link:label>
    <link:label xlink:label="ifrs-full_DividendsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Dividends payable and interest on own capital</link:label>
    <link:label xlink:label="ifrs-full_DividendsPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Dividends payable and interest on own capital</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Earnings per share [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Earnings per share</link:label>
    <link:label xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings per share</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity's total for business combinations [member]</link:label>
    <link:label xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for business combinations [member]</link:label>
    <link:label xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Entity's total for business combinations [member]</link:label>
    <link:label xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for business combinations [member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Entity's total for subsidiaries [member]</link:label>
    <link:label xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for subsidiaries [member]</link:label>
    <link:label xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Entity's total for subsidiaries [member]</link:label>
    <link:label xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for subsidiaries [member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Total equity</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total equity</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">TOTAL EQUITY</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">TOTAL EQUITY</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en">Balance</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en">Balance</link:label>
    <link:label xlink:label="ifrs-full_Equity_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">EQUITY</link:label>
    <link:label xlink:label="ifrs-full_EquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EQUITY</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EquityAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity and liabilities</link:label>
    <link:label xlink:label="ifrs-full_EquityAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and liabilities</link:label>
    <link:label xlink:label="ifrs-full_EquityAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">TOTAL LIABILITIES AND EQUITY</link:label>
    <link:label xlink:label="ifrs-full_EquityAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">TOTAL LIABILITIES AND EQUITY</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity attributable to owners of parent [member]</link:label>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity attributable to owners of parent [member]</link:label>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityMember" xlink:label="ifrs-full_EquityMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_EquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity [member]</link:label>
    <link:label xlink:label="ifrs-full_EquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [member]</link:label>
    <link:label xlink:label="ifrs-full_EquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Equity [member]</link:label>
    <link:label xlink:label="ifrs-full_EquityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity [member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:to="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expected dividend as percentage, share options granted</link:label>
    <link:label xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expected dividend as percentage, share options granted</link:label>
    <link:label xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Distributions of dividends and interest on own capital to the PagSeguro Brazil Group shareholders</link:label>
    <link:label xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Distributions of dividends and interest on own capital to the PagSeguro Brazil Group shareholders</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpenseByNature" xlink:label="ifrs-full_ExpenseByNature" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_ExpenseByNature_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses, by nature</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses, by nature</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpenseByNatureAbstract" xlink:label="ifrs-full_ExpenseByNatureAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseByNatureAbstract" xlink:to="ifrs-full_ExpenseByNatureAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ExpenseByNatureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses by nature [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNatureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses by nature [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNatureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Expenses by nature</link:label>
    <link:label xlink:label="ifrs-full_ExpenseByNatureAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses by nature</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceIncome" xlink:label="ifrs-full_FinanceIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FinanceIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Finance income</link:label>
    <link:label xlink:label="ifrs-full_FinanceIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance income</link:label>
    <link:label xlink:label="ifrs-full_FinanceIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Financial income</link:label>
    <link:label xlink:label="ifrs-full_FinanceIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial income</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FinancialAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial assets</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="ifrs-full_FinancialAssetsAtFairValue" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValue" xlink:to="ifrs-full_FinancialAssetsAtFairValue_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial assets, at fair value</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets, at fair value</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Fair value</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial assets recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Assets acquired</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets acquired</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Fair value of the acquired assets</link:label>
    <link:label xlink:label="ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair value of the acquired assets</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial liabilities</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial liabilities recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Liabilities assumed</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities assumed</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Fair value of the assumed liabilities</link:label>
    <link:label xlink:label="ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair value of the assumed liabilities</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixedInterestRateMember" xlink:label="ifrs-full_FixedInterestRateMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixedInterestRateMember" xlink:to="ifrs-full_FixedInterestRateMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FixedInterestRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Fixed interest rate [member]</link:label>
    <link:label xlink:label="ifrs-full_FixedInterestRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed interest rate [member]</link:label>
    <link:label xlink:label="ifrs-full_FixedInterestRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Fixed interest rates</link:label>
    <link:label xlink:label="ifrs-full_FixedInterestRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed interest rates</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="ifrs-full_FixturesAndFittingsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixturesAndFittingsMember" xlink:to="ifrs-full_FixturesAndFittingsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Fixtures and fittings [member]</link:label>
    <link:label xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixtures and fittings [member]</link:label>
    <link:label xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Furniture and fittings</link:label>
    <link:label xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture and fittings</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainRecognisedInBargainPurchaseTransaction" xlink:label="ifrs-full_GainRecognisedInBargainPurchaseTransaction" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainRecognisedInBargainPurchaseTransaction" xlink:to="ifrs-full_GainRecognisedInBargainPurchaseTransaction_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_GainRecognisedInBargainPurchaseTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gain recognised in bargain purchase transaction</link:label>
    <link:label xlink:label="ifrs-full_GainRecognisedInBargainPurchaseTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain recognised in bargain purchase transaction</link:label>
    <link:label xlink:label="ifrs-full_GainRecognisedInBargainPurchaseTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Bargain purchase gain</link:label>
    <link:label xlink:label="ifrs-full_GainRecognisedInBargainPurchaseTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bargain purchase gain</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GoodwillExpectedDeductibleForTaxPurposes" xlink:label="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes" xlink:to="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Goodwill expected to be deductible for tax purposes</link:label>
    <link:label xlink:label="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill expected to be deductible for tax purposes</link:label>
    <link:label xlink:label="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Goodwill</link:label>
    <link:label xlink:label="ifrs-full_GoodwillExpectedDeductibleForTaxPurposes_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GoodwillMember" xlink:label="ifrs-full_GoodwillMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillMember" xlink:to="ifrs-full_GoodwillMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_GoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Goodwill [member]</link:label>
    <link:label xlink:label="ifrs-full_GoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill [member]</link:label>
    <link:label xlink:label="ifrs-full_GoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Goodwill</link:label>
    <link:label xlink:label="ifrs-full_GoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Identifiable assets acquired (liabilities assumed)</link:label>
    <link:label xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Identifiable assets acquired (liabilities assumed)</link:label>
    <link:label xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Value of net assets</link:label>
    <link:label xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Value of net assets</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit or loss [abstract]</link:label>
    <link:label xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit or loss [abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax expense (income), continuing operations</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax expense (income), continuing operations</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">INCOME TAX AND SOCIAL CONTRIBUTION</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">INCOME TAX AND SOCIAL CONTRIBUTION</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Income taxes paid, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income taxes paid, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Income tax and social contribution paid</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax and social contribution paid</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:label xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Taxes recoverable</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Income taxes refund, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income taxes refund, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Taxes and contributions</link:label>
    <link:label xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes and contributions</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) in cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in cash and cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:to="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) in number of shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in number of shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Increase (decrease) in number of shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in number of shares outstanding</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) in working capital</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in working capital</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Capital increase</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseInWorkingCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital increase</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:to="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) through acquisition of subsidiary, equity</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through acquisition of subsidiary, equity</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Non-controlling acquisition</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling acquisition</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (decrease) through transfers and other changes, intangible assets and goodwill</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfers and other changes, intangible assets and goodwill</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Transfer</link:label>
    <link:label xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfer</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Intangible assets and goodwill</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Net book value</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Intangible assets and goodwill [member]</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill [member]</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Intangible assets and goodwill [member]</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill [member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Intangible assets other than goodwill</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets other than goodwill</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Intangible assets</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Intangible assets</link:label>
    <link:label xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest paid, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest paid, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Interest paid</link:label>
    <link:label xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest paid</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestRateTypesMember" xlink:label="ifrs-full_InterestRateTypesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateTypesMember" xlink:to="ifrs-full_InterestRateTypesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_InterestRateTypesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest rate types [member]</link:label>
    <link:label xlink:label="ifrs-full_InterestRateTypesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate types [member]</link:label>
    <link:label xlink:label="ifrs-full_InterestRateTypesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Interest rate types [member]</link:label>
    <link:label xlink:label="ifrs-full_InterestRateTypesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate types [member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest received, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest received, classified as operating activities</link:label>
    <link:label xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Interest income received</link:label>
    <link:label xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income received</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_Inventories_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current inventories</link:label>
    <link:label xlink:label="ifrs-full_Inventories_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current inventories</link:label>
    <link:label xlink:label="ifrs-full_Inventories_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Inventories</link:label>
    <link:label xlink:label="ifrs-full_Inventories_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IssuedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Issued capital</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapitalMember" xlink:label="ifrs-full_IssuedCapitalMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapitalMember" xlink:to="ifrs-full_IssuedCapitalMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_IssuedCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Issued capital [member]</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital [member]</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="ifrs-full_IssuedCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Key management personnel compensation, short-term employee benefits</link:label>
    <link:label xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</link:label>
    <link:label xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Key management personnel compensation, short-term employee benefits</link:label>
    <link:label xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" xlink:to="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Later than one month and not later than three months [member]</link:label>
    <link:label xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one month and not later than three months [member]</link:label>
    <link:label xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Due within 31 to 120 days</link:label>
    <link:label xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due within 31 to 120 days</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember" xlink:to="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Later than six months and not later than one year [member]</link:label>
    <link:label xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than six months and not later than one year [member]</link:label>
    <link:label xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Due within 181 to 360 days</link:label>
    <link:label xlink:label="ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due within 181 to 360 days</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Later than three months and not later than six months [member]</link:label>
    <link:label xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than three months and not later than six months [member]</link:label>
    <link:label xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Due within 121 to 180 days</link:label>
    <link:label xlink:label="ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due within 121 to 180 days</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="ifrs-full_LeaseholdImprovementsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Leasehold improvements [member]</link:label>
    <link:label xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leasehold improvements [member]</link:label>
    <link:label xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Leasehold improvements</link:label>
    <link:label xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leasehold improvements</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Liabilities</link:label>
    <link:label xlink:label="ifrs-full_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:label xlink:label="ifrs-full_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Liabilities</link:label>
    <link:label xlink:label="ifrs-full_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LoansAndReceivables" xlink:label="ifrs-full_LoansAndReceivables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LoansAndReceivables" xlink:to="ifrs-full_LoansAndReceivables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LoansAndReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Loans and receivables</link:label>
    <link:label xlink:label="ifrs-full_LoansAndReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and receivables</link:label>
    <link:label xlink:label="ifrs-full_LoansAndReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Receivables</link:label>
    <link:label xlink:label="ifrs-full_LoansAndReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Receivables</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LoansAndReceivablesCategoryMember" xlink:label="ifrs-full_LoansAndReceivablesCategoryMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LoansAndReceivablesCategoryMember" xlink:to="ifrs-full_LoansAndReceivablesCategoryMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LoansAndReceivablesCategoryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Loans and receivables, category [member]</link:label>
    <link:label xlink:label="ifrs-full_LoansAndReceivablesCategoryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and receivables, category [member]</link:label>
    <link:label xlink:label="ifrs-full_LoansAndReceivablesCategoryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Loans and receivables, category [member]</link:label>
    <link:label xlink:label="ifrs-full_LoansAndReceivablesCategoryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and receivables, category [member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermLegalProceedingsProvision" xlink:label="ifrs-full_LongtermLegalProceedingsProvision" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermLegalProceedingsProvision" xlink:to="ifrs-full_LongtermLegalProceedingsProvision_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_LongtermLegalProceedingsProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-current legal proceedings provision</link:label>
    <link:label xlink:label="ifrs-full_LongtermLegalProceedingsProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current legal proceedings provision</link:label>
    <link:label xlink:label="ifrs-full_LongtermLegalProceedingsProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Tax lawsuits classified as possible losses</link:label>
    <link:label xlink:label="ifrs-full_LongtermLegalProceedingsProvision_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Tax lawsuits classified as possible losses</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MachineryMember" xlink:label="ifrs-full_MachineryMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MachineryMember" xlink:to="ifrs-full_MachineryMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_MachineryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Machinery [member]</link:label>
    <link:label xlink:label="ifrs-full_MachineryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Machinery [member]</link:label>
    <link:label xlink:label="ifrs-full_MachineryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Machinery and equipment</link:label>
    <link:label xlink:label="ifrs-full_MachineryMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Machinery and equipment</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDebt" xlink:label="ifrs-full_NetDebt" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDebt" xlink:to="ifrs-full_NetDebt_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NetDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net debt</link:label>
    <link:label xlink:label="ifrs-full_NetDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net debt</link:label>
    <link:label xlink:label="ifrs-full_NetDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net debt</link:label>
    <link:label xlink:label="ifrs-full_NetDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net debt</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterests_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="ifrs-full_NoncontrollingInterestsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-controlling interests [member]</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling interests [member]</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Non-controlling interests</link:label>
    <link:label xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NoncurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-current assets</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total non-current assets</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total non-current assets</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-current assets [abstract]</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets [abstract]</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">NON-CURRENT ASSETS</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">NON-CURRENT ASSETS</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPayables" xlink:label="ifrs-full_NoncurrentPayables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayables" xlink:to="ifrs-full_NoncurrentPayables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Trade and other non-current payables</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other non-current payables</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other payables</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-current prepayments</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current prepayments</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Prepaid expenses</link:label>
    <link:label xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotLaterThanOneMonthMember" xlink:label="ifrs-full_NotLaterThanOneMonthMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneMonthMember" xlink:to="ifrs-full_NotLaterThanOneMonthMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NotLaterThanOneMonthMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Not later than one month [member]</link:label>
    <link:label xlink:label="ifrs-full_NotLaterThanOneMonthMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not later than one month [member]</link:label>
    <link:label xlink:label="ifrs-full_NotLaterThanOneMonthMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Due within 30 days</link:label>
    <link:label xlink:label="ifrs-full_NotLaterThanOneMonthMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Due within 30 days</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotionalAmount" xlink:label="ifrs-full_NotionalAmount" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Notional amount</link:label>
    <link:label xlink:label="ifrs-full_NotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notional amount</link:label>
    <link:label xlink:label="ifrs-full_NotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Notional value</link:label>
    <link:label xlink:label="ifrs-full_NotionalAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notional value</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Number of instruments granted in share-based payment arrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of instruments granted in share-based payment arrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share-based payment arrangement</link:label>
    <link:label xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based payment arrangement</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Number of shares issued</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares issued</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total number of shares issued</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total number of shares issued</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Number of shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares outstanding</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OfficeEquipmentMember" xlink:label="ifrs-full_OfficeEquipmentMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OfficeEquipmentMember" xlink:to="ifrs-full_OfficeEquipmentMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OfficeEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Office equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_OfficeEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Office equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_OfficeEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Furniture and fittings</link:label>
    <link:label xlink:label="ifrs-full_OfficeEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture and fittings</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OrdinarySharesMember" xlink:label="ifrs-full_OrdinarySharesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OrdinarySharesMember" xlink:to="ifrs-full_OrdinarySharesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OrdinarySharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Ordinary shares [member]</link:label>
    <link:label xlink:label="ifrs-full_OrdinarySharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ordinary shares [member]</link:label>
    <link:label xlink:label="ifrs-full_OrdinarySharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Common shares</link:label>
    <link:label xlink:label="ifrs-full_OrdinarySharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common shares</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other comprehensive income, net of tax, exchange differences on translation</link:label>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income, net of tax, exchange differences on translation</link:label>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Currency translation adjustment</link:label>
    <link:label xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency translation adjustment</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other current payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Other payables</link:label>
    <link:label xlink:label="ifrs-full_OtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherExpenseByNature" xlink:label="ifrs-full_OtherExpenseByNature" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OtherExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other expenses, by nature</link:label>
    <link:label xlink:label="ifrs-full_OtherExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other expenses, by nature</link:label>
    <link:label xlink:label="ifrs-full_OtherExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Other (expenses) income, net</link:label>
    <link:label xlink:label="ifrs-full_OtherExpenseByNature_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other (expenses) income, net</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIncome" xlink:to="ifrs-full_OtherIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other income</link:label>
    <link:label xlink:label="ifrs-full_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other income</link:label>
    <link:label xlink:label="ifrs-full_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other financial income</link:label>
    <link:label xlink:label="ifrs-full_OtherIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other financial income</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherIntangibleAssetsMember" xlink:label="ifrs-full_OtherIntangibleAssetsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIntangibleAssetsMember" xlink:to="ifrs-full_OtherIntangibleAssetsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other intangible assets [member]</link:label>
    <link:label xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other intangible assets [member]</link:label>
    <link:label xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Expenditures related to software and technology</link:label>
    <link:label xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenditures related to software and technology</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentPayables" xlink:label="ifrs-full_OtherNoncurrentPayables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentPayables" xlink:to="ifrs-full_OtherNoncurrentPayables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_OtherNoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other non-current payables</link:label>
    <link:label xlink:label="ifrs-full_OtherNoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current payables</link:label>
    <link:label xlink:label="ifrs-full_OtherNoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total non-current liabilities</link:label>
    <link:label xlink:label="ifrs-full_OtherNoncurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total non-current liabilities</link:label>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" xlink:type="locator"/>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ParValuePerShare" xlink:label="ifrs-full_ParValuePerShare" xlink:type="locator"/>
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    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastDueStatusAxis" xlink:label="ifrs-full_PastDueStatusAxis" xlink:type="locator"/>
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    <link:label xlink:label="ifrs-full_PastDueStatusAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Past due status [axis]</link:label>
    <link:label xlink:label="ifrs-full_PastDueStatusAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Past due status [axis]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit (loss) before tax</link:label>
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    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Profit before income taxes</link:label>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit before income taxes</link:label>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Profit for the period before taxes</link:label>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Profit for the period before taxes</link:label>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">PROFIT BEFORE INCOME TAXES</link:label>
    <link:label xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">PROFIT BEFORE INCOME TAXES</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Property, plant and equipment</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Property and equipment</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property and equipment</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Net book value</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Property, plant and equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Property, plant and equipment [member]</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Property, plant and equipment recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Property, plant and equipment and intangible assets</link:label>
    <link:label xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment and intangible assets</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Proportion of ownership interest in subsidiary</link:label>
    <link:label xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in subsidiary</link:label>
    <link:label xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Ownership - %</link:label>
    <link:label xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership - %</link:label>
    <link:label xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Ownership - %</link:label>
    <link:label xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Ownership - %</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase of intangible assets, classified as investing activities</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of intangible assets, classified as investing activities</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Purchases and development of intangible assets</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases and development of intangible assets</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase of property, plant and equipment, classified as investing activities</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of property, plant and equipment, classified as investing activities</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Purchases of property and equipment</link:label>
    <link:label xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases of property and equipment</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reconciliation of changes in intangible assets and goodwill [abstract]</link:label>
    <link:label xlink:label="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in intangible assets and goodwill [abstract]</link:label>
    <link:label xlink:label="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Changes in cost and accumulated amortization were as follows</link:label>
    <link:label xlink:label="ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in cost and accumulated amortization were as follows</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RelatedPartiesMember" xlink:label="ifrs-full_RelatedPartiesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartiesMember" xlink:to="ifrs-full_RelatedPartiesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RelatedPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Related parties [member]</link:label>
    <link:label xlink:label="ifrs-full_RelatedPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related parties [member]</link:label>
    <link:label xlink:label="ifrs-full_RelatedPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Related parties [member]</link:label>
    <link:label xlink:label="ifrs-full_RelatedPartiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related parties [member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Repayments of borrowings, classified as financing activities</link:label>
    <link:label xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments of borrowings, classified as financing activities</link:label>
    <link:label xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payment of borrowings</link:label>
    <link:label xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payment of borrowings</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReserveOfOverlayApproachMember" xlink:label="ifrs-full_ReserveOfOverlayApproachMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReserveOfOverlayApproachMember" xlink:to="ifrs-full_ReserveOfOverlayApproachMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ReserveOfOverlayApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reserve of overlay approach [member]</link:label>
    <link:label xlink:label="ifrs-full_ReserveOfOverlayApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of overlay approach [member]</link:label>
    <link:label xlink:label="ifrs-full_ReserveOfOverlayApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Equity valuation adjustments</link:label>
    <link:label xlink:label="ifrs-full_ReserveOfOverlayApproachMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity valuation adjustments</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Retained earnings [member]</link:label>
    <link:label xlink:label="ifrs-full_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained earnings [member]</link:label>
    <link:label xlink:label="ifrs-full_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Retained earnings</link:label>
    <link:label xlink:label="ifrs-full_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retained earnings</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_Revenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Revenue</link:label>
    <link:label xlink:label="ifrs-full_Revenue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue</link:label>
    <link:label xlink:label="ifrs-full_Revenue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total revenue and income</link:label>
    <link:label xlink:label="ifrs-full_Revenue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total revenue and income</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueAbstract" xlink:label="ifrs-full_RevenueAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RevenueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Total revenue and income [Abstract]</link:label>
    <link:label xlink:label="ifrs-full_RevenueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total revenue and income [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueAndOperatingIncome" xlink:label="ifrs-full_RevenueAndOperatingIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAndOperatingIncome" xlink:to="ifrs-full_RevenueAndOperatingIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Revenue and other operating income</link:label>
    <link:label xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue and other operating income</link:label>
    <link:label xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net revenue from transaction activities and other services</link:label>
    <link:label xlink:label="ifrs-full_RevenueAndOperatingIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net revenue from transaction activities and other services</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Revenue from rendering of services, related party transactions</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from rendering of services, related party transactions</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Revenue</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromSaleOfGoods" xlink:label="ifrs-full_RevenueFromSaleOfGoods" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromSaleOfGoods" xlink:to="ifrs-full_RevenueFromSaleOfGoods_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_RevenueFromSaleOfGoods_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Revenue from sale of goods</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromSaleOfGoods_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from sale of goods</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromSaleOfGoods_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net revenue from sales</link:label>
    <link:label xlink:label="ifrs-full_RevenueFromSaleOfGoods_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net revenue from sales</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SellingExpense" xlink:label="ifrs-full_SellingExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingExpense" xlink:to="ifrs-full_SellingExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_SellingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Selling expense</link:label>
    <link:label xlink:label="ifrs-full_SellingExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Selling expense</link:label>
    <link:label xlink:label="ifrs-full_SellingExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Selling expenses</link:label>
    <link:label xlink:label="ifrs-full_SellingExpense_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Selling expenses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ServicesExpense" xlink:label="ifrs-full_ServicesExpense" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesExpense" xlink:to="ifrs-full_ServicesExpense_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ServicesExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Services expense</link:label>
    <link:label xlink:label="ifrs-full_ServicesExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services expense</link:label>
    <link:label xlink:label="ifrs-full_ServicesExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cost of services</link:label>
    <link:label xlink:label="ifrs-full_ServicesExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of services</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:to="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Services received, related party transactions</link:label>
    <link:label xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services received, related party transactions</link:label>
    <link:label xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Expense</link:label>
    <link:label xlink:label="ifrs-full_ServicesReceivedRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Short-term deposits, classified as cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short-term deposits, classified as cash equivalents</link:label>
    <link:label xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Short-term bank deposits</link:label>
    <link:label xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term bank deposits</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiaries [axis]</link:label>
    <link:label xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiaries [axis]</link:label>
    <link:label xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Subsidiaries [axis]</link:label>
    <link:label xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsidiaries [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of cash flows [abstract]</link:label>
    <link:label xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of changes in equity [abstract]</link:label>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of changes in equity [line items]</link:label>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of changes in equity [table]</link:label>
    <link:label xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [table]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of financial position [abstract]</link:label>
    <link:label xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of financial position [abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatutoryReserve" xlink:label="ifrs-full_StatutoryReserve" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserve" xlink:to="ifrs-full_StatutoryReserve_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatutoryReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statutory reserve</link:label>
    <link:label xlink:label="ifrs-full_StatutoryReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory reserve</link:label>
    <link:label xlink:label="ifrs-full_StatutoryReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Legal reserve</link:label>
    <link:label xlink:label="ifrs-full_StatutoryReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal reserve</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatutoryReserveMember" xlink:label="ifrs-full_StatutoryReserveMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserveMember" xlink:to="ifrs-full_StatutoryReserveMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_StatutoryReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statutory reserve [member]</link:label>
    <link:label xlink:label="ifrs-full_StatutoryReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory reserve [member]</link:label>
    <link:label xlink:label="ifrs-full_StatutoryReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Legal reserve</link:label>
    <link:label xlink:label="ifrs-full_StatutoryReserveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal reserve</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Technology-based intangible assets recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Technology-based intangible assets recognised as of acquisition date</link:label>
    <link:label xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Intangible assets-Right-to-use software</link:label>
    <link:label xlink:label="ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets-Right-to-use software</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceMember" xlink:label="ifrs-full_TemporaryDifferenceMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceMember" xlink:to="ifrs-full_TemporaryDifferenceMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Temporary differences [member]</link:label>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary differences [member]</link:label>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Temporary differences [member]</link:label>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary differences [member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
    <link:label xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Trade and other current payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other current payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Trade payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Trade payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Trade payables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Trade payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="ifrs-full_TradeAndOtherCurrentReceivables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivables" xlink:to="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Trade and other current receivables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other current receivables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Note receivables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivables_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Note receivables</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Current receivables due from related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current receivables due from related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Receivables from related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables from related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Receivables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Receivables</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayables" xlink:label="ifrs-full_TradeAndOtherPayables" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayables" xlink:to="ifrs-full_TradeAndOtherPayables_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Trade and other payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayables_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesAbstract" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesAbstract" xlink:to="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Trade and other payables [abstract]</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables [abstract]</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesToRelatedParties" xlink:label="ifrs-full_TradeAndOtherPayablesToRelatedParties" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesToRelatedParties" xlink:to="ifrs-full_TradeAndOtherPayablesToRelatedParties_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Trade payables to related parties</link:label>
    <link:label xlink:label="ifrs-full_TradeAndOtherPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables to related parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Types of interest rates [axis]</link:label>
    <link:label xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:label xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Types of interest rates [axis]</link:label>
    <link:label xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UnusedTaxCreditsMember" xlink:label="ifrs-full_UnusedTaxCreditsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxCreditsMember" xlink:to="ifrs-full_UnusedTaxCreditsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Unused tax credits [member]</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax credits [member]</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Tax credit</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credit</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UnusedTaxLossesMember" xlink:label="ifrs-full_UnusedTaxLossesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxLossesMember" xlink:to="ifrs-full_UnusedTaxLossesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Unused tax losses [member]</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax losses [member]</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Tax losses</link:label>
    <link:label xlink:label="ifrs-full_UnusedTaxLossesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax losses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Useful lives or depreciation rates, property, plant and equipment</link:label>
    <link:label xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Useful lives or depreciation rates, property, plant and equipment</link:label>
    <link:label xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Years</link:label>
    <link:label xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Years</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_VehiclesMember" xlink:label="ifrs-full_VehiclesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_VehiclesMember" xlink:to="ifrs-full_VehiclesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_VehiclesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Vehicles [member]</link:label>
    <link:label xlink:label="ifrs-full_VehiclesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vehicles [member]</link:label>
    <link:label xlink:label="ifrs-full_VehiclesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Vehicles</link:label>
    <link:label xlink:label="ifrs-full_VehiclesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vehicles</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xlink:type="arc"/>
    <link:label xlink:label="ifrs-full_WeightedAverageShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Weighted average number of ordinary shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares outstanding</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Weighted average number of common shares</link:label>
    <link:label xlink:label="ifrs-full_WeightedAverageShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average number of common shares</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AcquiredAnAdditionalAxis" xlink:label="pags_AcquiredAnAdditionalAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AcquiredAnAdditionalAxis" xlink:to="pags_AcquiredAnAdditionalAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AcquiredAnAdditionalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Acquired An Additional [Axis]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquired An Additional [Axis]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Acquired an additional</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquired an additional</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Acquired an additional [Axis]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquired an additional [Axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AcquiredAnAdditionalDomain" xlink:label="pags_AcquiredAnAdditionalDomain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AcquiredAnAdditionalDomain" xlink:to="pags_AcquiredAnAdditionalDomain_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AcquiredAnAdditionalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Acquired An Additional [Domain]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquired An Additional [Domain]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Acquired an additional</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquired an additional</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Acquired an additional [Domain]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquired an additional [Domain]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AcquiredAnAdditionalMember" xlink:label="pags_AcquiredAnAdditionalMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AcquiredAnAdditionalMember" xlink:to="pags_AcquiredAnAdditionalMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AcquiredAnAdditionalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Acquired An Additional [Member]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquired An Additional [Member]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Acquired an additional</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquired an additional</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Acquired an additional [Member]</link:label>
    <link:label xlink:label="pags_AcquiredAnAdditionalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquired an additional [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AcquisitionOfSubsidiary" xlink:label="pags_AcquisitionOfSubsidiary" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AcquisitionOfSubsidiary" xlink:to="pags_AcquisitionOfSubsidiary_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Acquisition Of Subsidiary</link:label>
    <link:label xlink:label="pags_AcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisition Of Subsidiary</link:label>
    <link:label xlink:label="pags_AcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Acquisition of subsidiary</link:label>
    <link:label xlink:label="pags_AcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of subsidiary</link:label>
    <link:label xlink:label="pags_AcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Acquisition of subsidiary</link:label>
    <link:label xlink:label="pags_AcquisitionOfSubsidiary_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquisition of subsidiary</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AcquisitionsIntangibleAssets" xlink:label="pags_AcquisitionsIntangibleAssets" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AcquisitionsIntangibleAssets" xlink:to="pags_AcquisitionsIntangibleAssets_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AcquisitionsIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Acquisitions Intangible Assets</link:label>
    <link:label xlink:label="pags_AcquisitionsIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisitions Intangible Assets</link:label>
    <link:label xlink:label="pags_AcquisitionsIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Additions</link:label>
    <link:label xlink:label="pags_AcquisitionsIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label xlink:label="pags_AcquisitionsIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Acquisitions Intangible Assets</link:label>
    <link:label xlink:label="pags_AcquisitionsIntangibleAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquisitions Intangible Assets</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AcquisitionsPropertyPlantAndEquipment" xlink:label="pags_AcquisitionsPropertyPlantAndEquipment" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AcquisitionsPropertyPlantAndEquipment" xlink:to="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Acquisitions Property Plant And Equipment</link:label>
    <link:label xlink:label="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisitions Property Plant And Equipment</link:label>
    <link:label xlink:label="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Purchases</link:label>
    <link:label xlink:label="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchases</link:label>
    <link:label xlink:label="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Acquisitions Property Plant And Equipment</link:label>
    <link:label xlink:label="pags_AcquisitionsPropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Acquisitions Property Plant And Equipment</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AdditionalDividendsProposed" xlink:label="pags_AdditionalDividendsProposed" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AdditionalDividendsProposed" xlink:to="pags_AdditionalDividendsProposed_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Additional Dividends Proposed</link:label>
    <link:label xlink:label="pags_AdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Dividends Proposed</link:label>
    <link:label xlink:label="pags_AdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Additional dividends proposed</link:label>
    <link:label xlink:label="pags_AdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional dividends proposed</link:label>
    <link:label xlink:label="pags_AdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Additional dividends proposed</link:label>
    <link:label xlink:label="pags_AdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additional dividends proposed</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AdditionalInterestOfAcquired" xlink:label="pags_AdditionalInterestOfAcquired" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AdditionalInterestOfAcquired" xlink:to="pags_AdditionalInterestOfAcquired_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AdditionalInterestOfAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Additional Interest Of Acquired</link:label>
    <link:label xlink:label="pags_AdditionalInterestOfAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Interest Of Acquired</link:label>
    <link:label xlink:label="pags_AdditionalInterestOfAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Additional interest of acquired</link:label>
    <link:label xlink:label="pags_AdditionalInterestOfAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional interest of acquired</link:label>
    <link:label xlink:label="pags_AdditionalInterestOfAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Additional interest of acquired</link:label>
    <link:label xlink:label="pags_AdditionalInterestOfAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additional interest of acquired</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AdjustmentsForIncreaseDecreaseInContingencies" xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AdjustmentsForIncreaseDecreaseInContingencies" xlink:to="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Contingencies</link:label>
    <link:label xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments For Increase Decrease In Contingencies</link:label>
    <link:label xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Provision for contingencies</link:label>
    <link:label xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for contingencies</link:label>
    <link:label xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Contingencies</link:label>
    <link:label xlink:label="pags_AdjustmentsForIncreaseDecreaseInContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments For Increase Decrease In Contingencies</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AffiliatedCompaniesConcursoVirtualSAMember" xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesConcursoVirtualSAMember" xlink:to="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies Concurso Virtual SA [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies Concurso Virtual SA [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - Concurso Virtual S.A.</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - Concurso Virtual S.A.</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - Concurso Virtual S.A. [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesConcursoVirtualSAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - Concurso Virtual S.A. [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember" xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember" xlink:to="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies Empresa Folha Da Manha Sa [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies Empresa Folha Da Manha Sa [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - Empresa Folha da Manh&#xe3; S/A</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - Empresa Folha da Manh&#xe3; S/A</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - Empresa Folha da Manh&#xe3; S/A [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - Empresa Folha da Manh&#xe3; S/A [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember" xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember" xlink:to="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies Livraria Da Folha Ltda [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies Livraria Da Folha Ltda [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - Livraria da Folha Ltda.</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - Livraria da Folha Ltda.</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - Livraria da Folha Ltda. [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - Livraria da Folha Ltda. [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AffiliatedCompaniesOthersMember" xlink:label="pags_AffiliatedCompaniesOthersMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesOthersMember" xlink:to="pags_AffiliatedCompaniesOthersMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesOthersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies Others [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesOthersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies Others [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesOthersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - Others</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesOthersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - Others</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesOthersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - Others [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesOthersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - Others [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember" xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember" xlink:to="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies Transfolha Transportadora Ltda [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies Transfolha Transportadora Ltda [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - Transfolha Transportadora e Distribuicao Ltda.</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - Transfolha Transportadora e Distribuicao Ltda.</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - Transfolha Transportadora Ltda. [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - Transfolha Transportadora Ltda. [Member]</link:label>
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    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies UOL Diveo Cash Management [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies UOL Diveo Cash Management [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - UOL Diveo&#x2014;cash management</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - UOL Diveo&#x2014;cash management</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - UOL Diveo&#x2014;cash management [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - UOL Diveo&#x2014;cash management [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember" xlink:to="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies UOL Diveo Sale Of Services [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies UOL Diveo Sale Of Services [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - UOL Diveo &#x2013; sales of services</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - UOL Diveo &#x2013; sales of services</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - UOL Diveo&#x2014;sale of services [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - UOL Diveo&#x2014;sale of services [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember" xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember" xlink:to="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Affiliated Companies UOL Diveo Shared Service Costs [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Affiliated Companies UOL Diveo Shared Service Costs [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Affiliated companies - UOL Diveo&#x2014;shared service costs</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Affiliated companies - UOL Diveo&#x2014;shared service costs</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Affiliated companies - UOL Diveo&#x2014;shared service costs [Member]</link:label>
    <link:label xlink:label="pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Affiliated companies - UOL Diveo&#x2014;shared service costs [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AmortizationAbstract" xlink:to="pags_AmortizationAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortization [Abstract]</link:label>
    <link:label xlink:label="pags_AmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization [Abstract]</link:label>
    <link:label xlink:label="pags_AmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Amortization</link:label>
    <link:label xlink:label="pags_AmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization</link:label>
    <link:label xlink:label="pags_AmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amortization</link:label>
    <link:label xlink:label="pags_AmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortization</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AmortizationAdministrativeExpenses" xlink:label="pags_AmortizationAdministrativeExpenses" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AmortizationAdministrativeExpenses" xlink:to="pags_AmortizationAdministrativeExpenses_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AmortizationAdministrativeExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortization Administrative Expenses</link:label>
    <link:label xlink:label="pags_AmortizationAdministrativeExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization Administrative Expenses</link:label>
    <link:label xlink:label="pags_AmortizationAdministrativeExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Administrative expenses</link:label>
    <link:label xlink:label="pags_AmortizationAdministrativeExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Administrative expenses</link:label>
    <link:label xlink:label="pags_AmortizationAdministrativeExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amortization - Administrative expenses</link:label>
    <link:label xlink:label="pags_AmortizationAdministrativeExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortization - Administrative expenses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AmortizationCostOfSalesAndServices" xlink:label="pags_AmortizationCostOfSalesAndServices" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AmortizationCostOfSalesAndServices" xlink:to="pags_AmortizationCostOfSalesAndServices_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AmortizationCostOfSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortization Cost Of Sales And Services</link:label>
    <link:label xlink:label="pags_AmortizationCostOfSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortization Cost Of Sales And Services</link:label>
    <link:label xlink:label="pags_AmortizationCostOfSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cost of sales and services</link:label>
    <link:label xlink:label="pags_AmortizationCostOfSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of sales and services</link:label>
    <link:label xlink:label="pags_AmortizationCostOfSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amortization - Cost of sales and services</link:label>
    <link:label xlink:label="pags_AmortizationCostOfSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortization - Cost of sales and services</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AmortizedCostAbstract" xlink:label="pags_AmortizedCostAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AmortizedCostAbstract" xlink:to="pags_AmortizedCostAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AmortizedCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amortized Cost [Abstract]</link:label>
    <link:label xlink:label="pags_AmortizedCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortized Cost [Abstract]</link:label>
    <link:label xlink:label="pags_AmortizedCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Amortized cost:</link:label>
    <link:label xlink:label="pags_AmortizedCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortized cost:</link:label>
    <link:label xlink:label="pags_AmortizedCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amortized cost</link:label>
    <link:label xlink:label="pags_AmortizedCostAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amortized cost</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate" xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate" xlink:to="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amount Paid In The Acquisition Which Was Settled In Cash On That Date</link:label>
    <link:label xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount Paid In The Acquisition Which Was Settled In Cash On That Date</link:label>
    <link:label xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Amount paid in the acquisition, which was settled in cash on that date</link:label>
    <link:label xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount paid in the acquisition, which was settled in cash on that date</link:label>
    <link:label xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amount paid in the acquisition, which was settled in cash on that date</link:label>
    <link:label xlink:label="pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount paid in the acquisition, which was settled in cash on that date</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired" xlink:to="pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amounts Paid For Business Acquisitions Net Of Cash Acquired</link:label>
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    <link:label xlink:label="pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amounts paid for business acquisitions, net of cash acquired</link:label>
    <link:label xlink:label="pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amounts paid for business acquisitions, net of cash acquired</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AnnualProfitAxis" xlink:to="pags_AnnualProfitAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AnnualProfitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Annual Profit [Axis]</link:label>
    <link:label xlink:label="pags_AnnualProfitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Profit [Axis]</link:label>
    <link:label xlink:label="pags_AnnualProfitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Annual profit</link:label>
    <link:label xlink:label="pags_AnnualProfitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual profit</link:label>
    <link:label xlink:label="pags_AnnualProfitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Annual profit [Axis]</link:label>
    <link:label xlink:label="pags_AnnualProfitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual profit [Axis]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AnnualProfitDomain" xlink:label="pags_AnnualProfitDomain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AnnualProfitDomain" xlink:to="pags_AnnualProfitDomain_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AnnualProfitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Annual Profit [Domain]</link:label>
    <link:label xlink:label="pags_AnnualProfitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Profit [Domain]</link:label>
    <link:label xlink:label="pags_AnnualProfitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Annual profit</link:label>
    <link:label xlink:label="pags_AnnualProfitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual profit</link:label>
    <link:label xlink:label="pags_AnnualProfitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Annual profit [Domain]</link:label>
    <link:label xlink:label="pags_AnnualProfitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual profit [Domain]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AnnualProfitLimitOfMember" xlink:label="pags_AnnualProfitLimitOfMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AnnualProfitLimitOfMember" xlink:to="pags_AnnualProfitLimitOfMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AnnualProfitLimitOfMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Annual Profit Limit Of [Member]</link:label>
    <link:label xlink:label="pags_AnnualProfitLimitOfMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Profit Limit Of [Member]</link:label>
    <link:label xlink:label="pags_AnnualProfitLimitOfMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Annual profit - limit of</link:label>
    <link:label xlink:label="pags_AnnualProfitLimitOfMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual profit - limit of</link:label>
    <link:label xlink:label="pags_AnnualProfitLimitOfMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Annual profit - limit of [Member]</link:label>
    <link:label xlink:label="pags_AnnualProfitLimitOfMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual profit - limit of [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AnnualProfitMember" xlink:label="pags_AnnualProfitMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AnnualProfitMember" xlink:to="pags_AnnualProfitMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AnnualProfitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Annual Profit [Member]</link:label>
    <link:label xlink:label="pags_AnnualProfitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Profit [Member]</link:label>
    <link:label xlink:label="pags_AnnualProfitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Annual profit</link:label>
    <link:label xlink:label="pags_AnnualProfitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual profit</link:label>
    <link:label xlink:label="pags_AnnualProfitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Annual profit [Member]</link:label>
    <link:label xlink:label="pags_AnnualProfitMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual profit [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_AtDecemberAbstract" xlink:label="pags_AtDecemberAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_AtDecemberAbstract" xlink:to="pags_AtDecemberAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_AtDecemberAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">At December [Abstract]</link:label>
    <link:label xlink:label="pags_AtDecemberAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">At December [Abstract]</link:label>
    <link:label xlink:label="pags_AtDecemberAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">At December</link:label>
    <link:label xlink:label="pags_AtDecemberAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">At December</link:label>
    <link:label xlink:label="pags_AtDecemberAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">At December</link:label>
    <link:label xlink:label="pags_AtDecemberAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">At December</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BalancesAndTransactionsWithRelatedPartiesAbstract" xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BalancesAndTransactionsWithRelatedPartiesAbstract" xlink:to="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Balances And Transactions With Related Parties [Abstract]</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balances And Transactions With Related Parties [Abstract]</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Balances and transactions with related parties</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Balances and transactions with related parties</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Balances and transactions with related parties</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Balances and transactions with related parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock" xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock" xlink:to="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Balances And Transactions With Related Parties Ii Text Block</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balances And Transactions With Related Parties Ii Text Block</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Balances and transactions with related parties II</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Balances and transactions with related parties II</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Balances and transactions with related parties II</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Balances and transactions with related parties II</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BalancesAndTransactionsWithRelatedPartiesTextBlock" xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock" xlink:to="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Balances And Transactions With Related Parties Text Block</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balances And Transactions With Related Parties Text Block</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Balances and transactions with related parties</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Balances and transactions with related parties</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Balances and transactions with related parties</link:label>
    <link:label xlink:label="pags_BalancesAndTransactionsWithRelatedPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Balances and transactions with related parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BankBorrowingsAMember" xlink:label="pags_BankBorrowingsAMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BankBorrowingsAMember" xlink:to="pags_BankBorrowingsAMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BankBorrowingsAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Bank Borrowings A [Member]</link:label>
    <link:label xlink:label="pags_BankBorrowingsAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bank Borrowings A [Member]</link:label>
    <link:label xlink:label="pags_BankBorrowingsAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Bank Borrowings (A)</link:label>
    <link:label xlink:label="pags_BankBorrowingsAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bank Borrowings (A)</link:label>
    <link:label xlink:label="pags_BankBorrowingsAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Bank Borrowings (A) [Member]</link:label>
    <link:label xlink:label="pags_BankBorrowingsAMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bank Borrowings (A) [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BankBorrowingsBMember" xlink:label="pags_BankBorrowingsBMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BankBorrowingsBMember" xlink:to="pags_BankBorrowingsBMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BankBorrowingsBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Bank Borrowings B [Member]</link:label>
    <link:label xlink:label="pags_BankBorrowingsBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bank Borrowings B [Member]</link:label>
    <link:label xlink:label="pags_BankBorrowingsBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Bank Borrowings (B)</link:label>
    <link:label xlink:label="pags_BankBorrowingsBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bank Borrowings (B)</link:label>
    <link:label xlink:label="pags_BankBorrowingsBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Bank Borrowings (B) [Member]</link:label>
    <link:label xlink:label="pags_BankBorrowingsBMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bank Borrowings (B) [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BargainPurchaseGain" xlink:label="pags_BargainPurchaseGain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BargainPurchaseGain" xlink:to="pags_BargainPurchaseGain_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BargainPurchaseGain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Bargain Purchase Gain</link:label>
    <link:label xlink:label="pags_BargainPurchaseGain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bargain Purchase Gain</link:label>
    <link:label xlink:label="pags_BargainPurchaseGain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Bargain purchase gain</link:label>
    <link:label xlink:label="pags_BargainPurchaseGain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bargain purchase gain</link:label>
    <link:label xlink:label="pags_BargainPurchaseGain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Bargain purchase gain</link:label>
    <link:label xlink:label="pags_BargainPurchaseGain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bargain purchase gain</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BivacoHoldingsSaMember" xlink:label="pags_BivacoHoldingsSaMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BivacoHoldingsSaMember" xlink:to="pags_BivacoHoldingsSaMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BivacoHoldingsSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Bivaco Holdings Sa [Member]</link:label>
    <link:label xlink:label="pags_BivacoHoldingsSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bivaco Holdings Sa [Member]</link:label>
    <link:label xlink:label="pags_BivacoHoldingsSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">BIVACO Holdings SA</link:label>
    <link:label xlink:label="pags_BivacoHoldingsSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BIVACO Holdings SA</link:label>
    <link:label xlink:label="pags_BivacoHoldingsSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">BIVACO Holdings SA [Member]</link:label>
    <link:label xlink:label="pags_BivacoHoldingsSaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BIVACO Holdings SA [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraAbstract" xlink:label="pags_BoaCompraAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraAbstract" xlink:to="pags_BoaCompraAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra [Abstract]</link:label>
    <link:label xlink:label="pags_BoaCompraAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra [Abstract]</link:label>
    <link:label xlink:label="pags_BoaCompraAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Boa Compra</link:label>
    <link:label xlink:label="pags_BoaCompraAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Boa Compra</link:label>
    <link:label xlink:label="pags_BoaCompraAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra</link:label>
    <link:label xlink:label="pags_BoaCompraAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraAdditionalDividendsProposed" xlink:label="pags_BoaCompraAdditionalDividendsProposed" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraAdditionalDividendsProposed" xlink:to="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Additional Dividends Proposed</link:label>
    <link:label xlink:label="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Additional Dividends Proposed</link:label>
    <link:label xlink:label="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Additional dividends proposed</link:label>
    <link:label xlink:label="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional dividends proposed</link:label>
    <link:label xlink:label="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Additional dividends proposed</link:label>
    <link:label xlink:label="pags_BoaCompraAdditionalDividendsProposed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Additional dividends proposed</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraAdjustedIncomeForTheYear" xlink:label="pags_BoaCompraAdjustedIncomeForTheYear" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraAdjustedIncomeForTheYear" xlink:to="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Adjusted Income For The Year</link:label>
    <link:label xlink:label="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Adjusted Income For The Year</link:label>
    <link:label xlink:label="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Adjusted income for the year</link:label>
    <link:label xlink:label="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjusted income for the year</link:label>
    <link:label xlink:label="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Adjusted income for the year</link:label>
    <link:label xlink:label="pags_BoaCompraAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Adjusted income for the year</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraDividendsPerShareInReais" xlink:label="pags_BoaCompraDividendsPerShareInReais" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraDividendsPerShareInReais" xlink:to="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Dividends Per Share In Reais</link:label>
    <link:label xlink:label="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Dividends Per Share In Reais</link:label>
    <link:label xlink:label="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Dividends per share (in reais)</link:label>
    <link:label xlink:label="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends per share (in reais)</link:label>
    <link:label xlink:label="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Dividends per share (in reais)</link:label>
    <link:label xlink:label="pags_BoaCompraDividendsPerShareInReais_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Dividends per share (in reais)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraMandatoryMinimumDividends" xlink:label="pags_BoaCompraMandatoryMinimumDividends" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraMandatoryMinimumDividends" xlink:to="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Mandatory Minimum Dividends</link:label>
    <link:label xlink:label="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Mandatory Minimum Dividends</link:label>
    <link:label xlink:label="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Mandatory minimum dividends (1%)</link:label>
    <link:label xlink:label="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mandatory minimum dividends (1%)</link:label>
    <link:label xlink:label="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Mandatory minimum dividends (1%)</link:label>
    <link:label xlink:label="pags_BoaCompraMandatoryMinimumDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Mandatory minimum dividends (1%)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraNetIncomeForTheYear" xlink:label="pags_BoaCompraNetIncomeForTheYear" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraNetIncomeForTheYear" xlink:to="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Net Income For The Year</link:label>
    <link:label xlink:label="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Net Income For The Year</link:label>
    <link:label xlink:label="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net income for the year</link:label>
    <link:label xlink:label="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income for the year</link:label>
    <link:label xlink:label="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Net income for the year</link:label>
    <link:label xlink:label="pags_BoaCompraNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Net income for the year</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraNumberOfCommonSharesInThousands" xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraNumberOfCommonSharesInThousands" xlink:to="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Number Of Common Shares In Thousands</link:label>
    <link:label xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Number Of Common Shares In Thousands</link:label>
    <link:label xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Number of common shares</link:label>
    <link:label xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of common shares</link:label>
    <link:label xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Number of common shares (in thousands)</link:label>
    <link:label xlink:label="pags_BoaCompraNumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Number of common shares (in thousands)</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraTotalDividendsDistributed" xlink:label="pags_BoaCompraTotalDividendsDistributed" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraTotalDividendsDistributed" xlink:to="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Total Dividends Distributed</link:label>
    <link:label xlink:label="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Total Dividends Distributed</link:label>
    <link:label xlink:label="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total dividends distributed</link:label>
    <link:label xlink:label="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total dividends distributed</link:label>
    <link:label xlink:label="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Total dividends distributed</link:label>
    <link:label xlink:label="pags_BoaCompraTotalDividendsDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Total dividends distributed</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BoaCompraTransferToLegalReserve" xlink:label="pags_BoaCompraTransferToLegalReserve" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BoaCompraTransferToLegalReserve" xlink:to="pags_BoaCompraTransferToLegalReserve_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BoaCompraTransferToLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Boa Compra Transfer To Legal Reserve</link:label>
    <link:label xlink:label="pags_BoaCompraTransferToLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boa Compra Transfer To Legal Reserve</link:label>
    <link:label xlink:label="pags_BoaCompraTransferToLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Transfer to legal reserve (5%)</link:label>
    <link:label xlink:label="pags_BoaCompraTransferToLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfer to legal reserve (5%)</link:label>
    <link:label xlink:label="pags_BoaCompraTransferToLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Boa Compra - Transfer to legal reserve</link:label>
    <link:label xlink:label="pags_BoaCompraTransferToLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boa Compra - Transfer to legal reserve</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BookvalueofPurchasedEntitiesMember" xlink:label="pags_BookvalueofPurchasedEntitiesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BookvalueofPurchasedEntitiesMember" xlink:to="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Bookvalueof Purchased Entities [Member]</link:label>
    <link:label xlink:label="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bookvalueof Purchased Entities [Member]</link:label>
    <link:label xlink:label="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Book value of purchased entities</link:label>
    <link:label xlink:label="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Book value of purchased entities</link:label>
    <link:label xlink:label="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Book&#xA0;value&#xA0;of purchased entities [Member]</link:label>
    <link:label xlink:label="pags_BookvalueofPurchasedEntitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Book&#xA0;value&#xA0;of purchased entities [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BorrowingsDetailsTextAbstract" xlink:label="pags_BorrowingsDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BorrowingsDetailsTextAbstract" xlink:to="pags_BorrowingsDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BorrowingsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_BorrowingsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_BorrowingsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Borrowings (Details Text)</link:label>
    <link:label xlink:label="pags_BorrowingsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings (Details Text)</link:label>
    <link:label xlink:label="pags_BorrowingsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Borrowings (Details Text)</link:label>
    <link:label xlink:label="pags_BorrowingsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings (Details Text)</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BorrowingsTablesAbstract" xlink:label="pags_BorrowingsTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BorrowingsTablesAbstract" xlink:to="pags_BorrowingsTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BorrowingsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_BorrowingsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_BorrowingsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Borrowings (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_BorrowingsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings (Tables) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BorrowingsTextBlock" xlink:label="pags_BorrowingsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BorrowingsTextBlock" xlink:to="pags_BorrowingsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BorrowingsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Borrowings Text Block</link:label>
    <link:label xlink:label="pags_BorrowingsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings Text Block</link:label>
    <link:label xlink:label="pags_BorrowingsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Borrowings</link:label>
    <link:label xlink:label="pags_BorrowingsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label xlink:label="pags_BorrowingsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Borrowings [text block]</link:label>
    <link:label xlink:label="pags_BorrowingsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings [text block]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BusinessCombinationsAbstract" xlink:label="pags_BusinessCombinationsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BusinessCombinationsAbstract" xlink:to="pags_BusinessCombinationsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BusinessCombinationsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Business combinations [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business combinations [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Business combinations [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Business combinations [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BusinessCombinationsDetailsTextAbstract" xlink:label="pags_BusinessCombinationsDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BusinessCombinationsDetailsTextAbstract" xlink:to="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Business Combinations Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Combinations Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Business combinations (Details Text)</link:label>
    <link:label xlink:label="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business combinations (Details Text)</link:label>
    <link:label xlink:label="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Business combinations (Details Text)</link:label>
    <link:label xlink:label="pags_BusinessCombinationsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Business combinations (Details Text)</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BusinessCombinationsTablesAbstract" xlink:label="pags_BusinessCombinationsTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BusinessCombinationsTablesAbstract" xlink:to="pags_BusinessCombinationsTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BusinessCombinationsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Business combinations (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business combinations (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Business combinations (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Business combinations (Tables) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_BusinessCombinationsTextBlock" xlink:label="pags_BusinessCombinationsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_BusinessCombinationsTextBlock" xlink:to="pags_BusinessCombinationsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_BusinessCombinationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Business Combinations Text Block</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Combinations Text Block</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Business combinations</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Business combinations</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Business combinations</link:label>
    <link:label xlink:label="pags_BusinessCombinationsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Business combinations</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CapitalManagementAbstract" xlink:label="pags_CapitalManagementAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CapitalManagementAbstract" xlink:to="pags_CapitalManagementAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CapitalManagementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capital management [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital management [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Capital management</link:label>
    <link:label xlink:label="pags_CapitalManagementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital management</link:label>
    <link:label xlink:label="pags_CapitalManagementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capital management [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital management [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CapitalManagementDetailsTextAbstract" xlink:label="pags_CapitalManagementDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CapitalManagementDetailsTextAbstract" xlink:to="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capital Management Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Management Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Capital management (Details Text)</link:label>
    <link:label xlink:label="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital management (Details Text)</link:label>
    <link:label xlink:label="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capital management (Details Text)</link:label>
    <link:label xlink:label="pags_CapitalManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital management (Details Text)</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CapitalManagementTablesAbstract" xlink:label="pags_CapitalManagementTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CapitalManagementTablesAbstract" xlink:to="pags_CapitalManagementTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CapitalManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capital management (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital management (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capital management (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_CapitalManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital management (Tables) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CapitalManagementTextBlock" xlink:label="pags_CapitalManagementTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CapitalManagementTextBlock" xlink:to="pags_CapitalManagementTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capital Management Text Block</link:label>
    <link:label xlink:label="pags_CapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Management Text Block</link:label>
    <link:label xlink:label="pags_CapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Capital management</link:label>
    <link:label xlink:label="pags_CapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Capital management</link:label>
    <link:label xlink:label="pags_CapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capital management</link:label>
    <link:label xlink:label="pags_CapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital management</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CapitalizationOfControlPartyRelatedPartyPayableMember" xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CapitalizationOfControlPartyRelatedPartyPayableMember" xlink:to="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capitalization Of Control Party Related Party Payable [Member]</link:label>
    <link:label xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalization Of Control Party Related Party Payable [Member]</link:label>
    <link:label xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Capitalization of control party related party payable</link:label>
    <link:label xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalization of control party related party payable</link:label>
    <link:label xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capitalization of control party related party payable [Member]</link:label>
    <link:label xlink:label="pags_CapitalizationOfControlPartyRelatedPartyPayableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalization of control party related party payable [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CapitalizationOfRelatedPartyTransactions" xlink:label="pags_CapitalizationOfRelatedPartyTransactions" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CapitalizationOfRelatedPartyTransactions" xlink:to="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Capitalization Of Related Party Transactions</link:label>
    <link:label xlink:label="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalization Of Related Party Transactions</link:label>
    <link:label xlink:label="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Capitalization of related party transactions</link:label>
    <link:label xlink:label="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalization of related party transactions</link:label>
    <link:label xlink:label="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capitalization of related party transactions</link:label>
    <link:label xlink:label="pags_CapitalizationOfRelatedPartyTransactions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalization of related party transactions</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CardFlagsAxis" xlink:label="pags_CardFlagsAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CardFlagsAxis" xlink:to="pags_CardFlagsAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CardFlagsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Card Flags [Axis]</link:label>
    <link:label xlink:label="pags_CardFlagsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Card Flags [Axis]</link:label>
    <link:label xlink:label="pags_CardFlagsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Card flags</link:label>
    <link:label xlink:label="pags_CardFlagsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Card flags</link:label>
    <link:label xlink:label="pags_CardFlagsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Card flags [Axis]</link:label>
    <link:label xlink:label="pags_CardFlagsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Card flags [Axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CardFlagsDomain" xlink:label="pags_CardFlagsDomain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CardFlagsDomain" xlink:to="pags_CardFlagsDomain_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CardFlagsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Card Flags [Domain]</link:label>
    <link:label xlink:label="pags_CardFlagsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Card Flags [Domain]</link:label>
    <link:label xlink:label="pags_CardFlagsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Card flags</link:label>
    <link:label xlink:label="pags_CardFlagsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Card flags</link:label>
    <link:label xlink:label="pags_CardFlagsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Card flags [Domain]</link:label>
    <link:label xlink:label="pags_CardFlagsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Card flags [Domain]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CardFlagsHipercardMember" xlink:label="pags_CardFlagsHipercardMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CardFlagsHipercardMember" xlink:to="pags_CardFlagsHipercardMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CardFlagsHipercardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Card Flags Hipercard [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsHipercardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Card Flags Hipercard [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsHipercardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Hipercard</link:label>
    <link:label xlink:label="pags_CardFlagsHipercardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hipercard</link:label>
    <link:label xlink:label="pags_CardFlagsHipercardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Card flags - Hipercard [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsHipercardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Card flags - Hipercard [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CardFlagsMasterMember" xlink:label="pags_CardFlagsMasterMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CardFlagsMasterMember" xlink:to="pags_CardFlagsMasterMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CardFlagsMasterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Card Flags Master [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsMasterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Card Flags Master [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsMasterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Master</link:label>
    <link:label xlink:label="pags_CardFlagsMasterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Master</link:label>
    <link:label xlink:label="pags_CardFlagsMasterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Card flags - Master [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsMasterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Card flags - Master [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CardFlagsVisaMember" xlink:label="pags_CardFlagsVisaMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CardFlagsVisaMember" xlink:to="pags_CardFlagsVisaMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CardFlagsVisaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Card Flags Visa [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsVisaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Card Flags Visa [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsVisaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Visa</link:label>
    <link:label xlink:label="pags_CardFlagsVisaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Visa</link:label>
    <link:label xlink:label="pags_CardFlagsVisaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Card flags - Visa [Member]</link:label>
    <link:label xlink:label="pags_CardFlagsVisaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Card flags - Visa [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired" xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired" xlink:to="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash And Cash Equivalents At The Subsidiary Acquired</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash And Cash Equivalents At The Subsidiary Acquired</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cash and cash equivalents at the subsidiary acquired</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents at the subsidiary acquired</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cash and cash equivalents at the subsidiary acquired</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents at the subsidiary acquired</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CashAndCashEquivalentsTablesAbstract" xlink:label="pags_CashAndCashEquivalentsTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CashAndCashEquivalentsTablesAbstract" xlink:to="pags_CashAndCashEquivalentsTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CashAndCashEquivalentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash and cash equivalents (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cash and cash equivalents (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_CashAndCashEquivalentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents (Tables) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CashAndCashEquivalentsTextBlock" xlink:label="pags_CashAndCashEquivalentsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CashAndCashEquivalentsTextBlock" xlink:to="pags_CashAndCashEquivalentsTextBlock_lbl" xlink:type="arc"/>
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    <link:loc xlink:href="pags-20171231.xsd#pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments" xlink:label="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments" xlink:to="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Flows From Financing Activities Payment Of Derivative Financial Instruments</link:label>
    <link:label xlink:label="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payment of derivative financial instruments</link:label>
    <link:label xlink:label="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payment of derivative financial instruments</link:label>
    <link:label xlink:label="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">CASH FLOWS FROM FINANCING ACTIVITIES - Payment of derivative financial instruments</link:label>
    <link:label xlink:label="pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES - Payment of derivative financial instruments</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments" xlink:label="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments" xlink:to="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Flows From Investing Activities Acquisition Of Financial Investments</link:label>
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    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of financial investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">CASH FLOWS FROM INVESTING ACTIVITIES - Acquisition of financial investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES - Acquisition of financial investments</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments" xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments" xlink:type="locator"/>
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    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash Flows From Investing Activities Redemption Of Financial Investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Flows From Investing Activities Redemption Of Financial Investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Redemption of financial investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redemption of financial investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">CASH FLOWS FROM INVESTING ACTIVITIES - Redemption of financial investments</link:label>
    <link:label xlink:label="pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES - Redemption of financial investments</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract" xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract" xlink:to="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Changes In Cost And Accumulated Depreciation Were As Follows [Abstract]</link:label>
    <link:label xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes In Cost And Accumulated Depreciation Were As Follows [Abstract]</link:label>
    <link:label xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Changes in cost and accumulated depreciation were as follows</link:label>
    <link:label xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in cost and accumulated depreciation were as follows</link:label>
    <link:label xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Changes in cost and accumulated depreciation were as follows</link:label>
    <link:label xlink:label="pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in cost and accumulated depreciation were as follows</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Changes In Operating Assets And Liabilities [Abstract]</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes In Operating Assets And Liabilities [Abstract]</link:label>
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    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Changes in operating assets and liabilities</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties" xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties" xlink:to="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Changes In Operating Assets And Liabilities Receivables From Payables To Related Parties</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes In Operating Assets And Liabilities Receivables From Payables To Related Parties</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Receivables from (payables to) related parties</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables from (payables to) related parties</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Changes in operating assets and liabilities - Receivables from (payables to) related parties</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities - Receivables from (payables to) related parties</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges" xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges" xlink:to="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Changes In Operating Assets And Liabilities Salaries And Social Charges</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes In Operating Assets And Liabilities Salaries And Social Charges</link:label>
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    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Salaries and social charges</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Changes in operating assets and liabilities - Salaries and social charges</link:label>
    <link:label xlink:label="pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities - Salaries and social charges</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_Chargebacks" xlink:label="pags_Chargebacks" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_Chargebacks" xlink:to="pags_Chargebacks_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_Chargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Chargebacks</link:label>
    <link:label xlink:label="pags_Chargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Chargebacks</link:label>
    <link:label xlink:label="pags_Chargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Chargebacks</link:label>
    <link:label xlink:label="pags_Chargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Chargebacks</link:label>
    <link:label xlink:label="pags_Chargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Chargebacks</link:label>
    <link:label xlink:label="pags_Chargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Chargebacks</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ClassCommonSharesMember" xlink:label="pags_ClassCommonSharesMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ClassCommonSharesMember" xlink:to="pags_ClassCommonSharesMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ClassCommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Class Common Shares [Member]</link:label>
    <link:label xlink:label="pags_ClassCommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class Common Shares [Member]</link:label>
    <link:label xlink:label="pags_ClassCommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Class A common shares</link:label>
    <link:label xlink:label="pags_ClassCommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class A common shares</link:label>
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    <link:label xlink:label="pags_ClassCommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class A common shares [Member]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ClassifiedAsAbstract" xlink:label="pags_ClassifiedAsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ClassifiedAsAbstract" xlink:to="pags_ClassifiedAsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ClassifiedAsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Classified As [Abstract]</link:label>
    <link:label xlink:label="pags_ClassifiedAsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classified As [Abstract]</link:label>
    <link:label xlink:label="pags_ClassifiedAsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Classified as:</link:label>
    <link:label xlink:label="pags_ClassifiedAsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classified as:</link:label>
    <link:label xlink:label="pags_ClassifiedAsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Classified as</link:label>
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    <link:label xlink:label="pags_ClassifiedAsFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Classified As Financial Expenses</link:label>
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    <link:label xlink:label="pags_ClassifiedAsFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial expenses</link:label>
    <link:label xlink:label="pags_ClassifiedAsFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Classified as - Financial expenses</link:label>
    <link:label xlink:label="pags_ClassifiedAsFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Classified as - Financial expenses</link:label>
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    <link:label xlink:label="pags_CollectionIsExpected_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Collection Is Expected</link:label>
    <link:label xlink:label="pags_CollectionIsExpected_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collection Is Expected</link:label>
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    <link:label xlink:label="pags_CollectionIsExpected_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Collection is expected</link:label>
    <link:label xlink:label="pags_CollectionIsExpected_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Collection is expected</link:label>
    <link:label xlink:label="pags_CollectionIsExpected_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Collection is expected</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CommonSharesMember" xlink:to="pags_CommonSharesMember_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_CommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Shares [Member]</link:label>
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    <link:label xlink:label="pags_CommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common shares</link:label>
    <link:label xlink:label="pags_CommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Common shares [Member]</link:label>
    <link:label xlink:label="pags_CommonSharesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common shares [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ConsiderationForThePurchaseSettledInCash" xlink:to="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Consideration For The Purchase Settled In Cash</link:label>
    <link:label xlink:label="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consideration For The Purchase Settled In Cash</link:label>
    <link:label xlink:label="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Consideration for the purchase settled in cash</link:label>
    <link:label xlink:label="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consideration for the purchase settled in cash</link:label>
    <link:label xlink:label="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Consideration for the purchase settled in cash</link:label>
    <link:label xlink:label="pags_ConsiderationForThePurchaseSettledInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consideration for the purchase settled in cash</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ConsolidationOfSubsidiariesAbstract" xlink:label="pags_ConsolidationOfSubsidiariesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ConsolidationOfSubsidiariesAbstract" xlink:to="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ConsolidationOfSubsidiariesDetailsTextAbstract" xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Consolidation Of Subsidiaries Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Of Subsidiaries Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries (Details Text)</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries (Details Text)</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries (Details Text)</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries (Details Text)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ConsolidationOfSubsidiariesTablesAbstract" xlink:label="pags_ConsolidationOfSubsidiariesTablesAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ConsolidationOfSubsidiariesTextBlock" xlink:label="pags_ConsolidationOfSubsidiariesTextBlock" xlink:type="locator"/>
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    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Consolidation Of Subsidiaries Text Block</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Of Subsidiaries Text Block</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Consolidation of subsidiaries</link:label>
    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries</link:label>
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    <link:label xlink:label="pags_ConsolidationOfSubsidiariesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consolidation of subsidiaries [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ConstitutionOfLegalReserve" xlink:label="pags_ConstitutionOfLegalReserve" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ConstitutionOfLegalReserve" xlink:to="pags_ConstitutionOfLegalReserve_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ConstitutionOfLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Constitution Of Legal Reserve</link:label>
    <link:label xlink:label="pags_ConstitutionOfLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Constitution Of Legal Reserve</link:label>
    <link:label xlink:label="pags_ConstitutionOfLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Constitution of legal reserve</link:label>
    <link:label xlink:label="pags_ConstitutionOfLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Constitution of legal reserve</link:label>
    <link:label xlink:label="pags_ConstitutionOfLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Constitution of legal reserve</link:label>
    <link:label xlink:label="pags_ConstitutionOfLegalReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Constitution of legal reserve</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ContractualUndiscountedCashFlowsTextBlock" xlink:label="pags_ContractualUndiscountedCashFlowsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ContractualUndiscountedCashFlowsTextBlock" xlink:to="pags_ContractualUndiscountedCashFlowsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ContractualUndiscountedCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Contractual Undiscounted Cash Flows Text Block</link:label>
    <link:label xlink:label="pags_ContractualUndiscountedCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractual Undiscounted Cash Flows Text Block</link:label>
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    <link:label xlink:label="pags_ContractualUndiscountedCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Contractual undiscounted cash flows</link:label>
    <link:label xlink:label="pags_ContractualUndiscountedCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Contractual undiscounted cash flows</link:label>
    <link:label xlink:label="pags_ContractualUndiscountedCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contractual undiscounted cash flows</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_CostOfGoodsSold" xlink:label="pags_CostOfGoodsSold" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_CostOfGoodsSold" xlink:to="pags_CostOfGoodsSold_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_CostOfGoodsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cost Of Goods Sold</link:label>
    <link:label xlink:label="pags_CostOfGoodsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost Of Goods Sold</link:label>
    <link:label xlink:label="pags_CostOfGoodsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cost of goods sold</link:label>
    <link:label xlink:label="pags_CostOfGoodsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of goods sold</link:label>
    <link:label xlink:label="pags_CostOfGoodsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cost of goods sold</link:label>
    <link:label xlink:label="pags_CostOfGoodsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cost of goods sold</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_CriticalAccountingEstimatesAndJudgmentsAbstract" xlink:label="pags_CriticalAccountingEstimatesAndJudgmentsAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_CurrencyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Currency [Axis]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_CurrentlyDefinedTaxRatesDomain" xlink:label="pags_CurrentlyDefinedTaxRatesDomain" xlink:type="locator"/>
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    <link:label xlink:label="pags_CurrentlyDefinedTaxRatesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currently Defined Tax Rates [Domain]</link:label>
    <link:label xlink:label="pags_CurrentlyDefinedTaxRatesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Currently defined tax rates</link:label>
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    <link:label xlink:label="pags_CurrentlyDefinedTaxRatesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Currently defined tax rates [Domain]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_CurrentlyDefinedTaxRatesIncomeTaxMember" xlink:label="pags_CurrentlyDefinedTaxRatesIncomeTaxMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_CurrentlyDefinedTaxRatesSocialContributionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Social contribution</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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    <link:label xlink:label="pags_DeferredIncomeTaxAndSocialContributionBasedOnFutureTaxableProfitEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred income tax and social contribution based on future taxable profit estimates</link:label>
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    <link:label xlink:label="pags_DeferredIncomeTaxAndSocialContributionBasedOnFutureTaxableProfitEstimates_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred income tax and social contribution based on future taxable profit estimates</link:label>
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    <link:label xlink:label="pags_DerivativeFinancialInstrumentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Derivative financial instruments</link:label>
    <link:label xlink:label="pags_DerivativeFinancialInstrumentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative financial instruments</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock" xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock" xlink:to="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description Of Accounting Policies For Payables To Third Parties Text Block</link:label>
    <link:label xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description Of Accounting Policies For Payables To Third Parties Text Block</link:label>
    <link:label xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.11 Payables to third parties</link:label>
    <link:label xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.11 Payables to third parties</link:label>
    <link:label xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Description Of Accounting Policies for Payables to third parties</link:label>
    <link:label xlink:label="pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Description Of Accounting Policies for Payables to third parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfCapitalManagementTextBlock" xlink:label="pags_DisclosureOfCapitalManagementTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfCapitalManagementTextBlock" xlink:to="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Capital Management Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Capital Management Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Capital management</link:label>
    <link:label xlink:label="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Capital management</link:label>
    <link:label xlink:label="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Capital management [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfCapitalManagementTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital management [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfConsolidationTextBlock" xlink:label="pags_DisclosureOfConsolidationTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfConsolidationTextBlock" xlink:to="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Consolidation Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Consolidation Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.2 Consolidation</link:label>
    <link:label xlink:label="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.2 Consolidation</link:label>
    <link:label xlink:label="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Consolidation [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfConsolidationTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Consolidation [text block]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock" xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock" xlink:to="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Current Ivestments Explanatory Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Current Ivestments Explanatory Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial investments</link:label>
    <link:label xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial investments</link:label>
    <link:label xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Disclosure Of Current Ivestments Explanatory</link:label>
    <link:label xlink:label="pags_DisclosureOfCurrentIvestmentsExplanatoryTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Current Ivestments Explanatory</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock" xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock" xlink:to="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Distribution Of Dividends And Interest On Own Capital Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Distribution Of Dividends And Interest On Own Capital Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.14 Distribution of dividends and interest on own capital</link:label>
    <link:label xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.14 Distribution of dividends and interest on own capital</link:label>
    <link:label xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Distribution of dividends and interest on own capital [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution of dividends and interest on own capital [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfEquityTextBlock" xlink:label="pags_DisclosureOfEquityTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfEquityTextBlock" xlink:to="pags_DisclosureOfEquityTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfEquityTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Equity Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfEquityTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Equity Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfEquityTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Equity</link:label>
    <link:label xlink:label="pags_DisclosureOfEquityTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Equity</link:label>
    <link:label xlink:label="pags_DisclosureOfEquityTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Equity [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfEquityTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock" xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock" xlink:to="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of New And Revised Pronouncements In Effect Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of New And Revised Pronouncements In Effect Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.19 New and revised pronouncements in effect</link:label>
    <link:label xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.19 New and revised pronouncements in effect</link:label>
    <link:label xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">New and revised pronouncements in effect [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New and revised pronouncements in effect [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock" xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock" xlink:to="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of New Standards Not Yet Effective Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of New Standards Not Yet Effective Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">2.18 New standards not yet effective</link:label>
    <link:label xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2.18 New standards not yet effective</link:label>
    <link:label xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">New standards not yet effective [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New standards not yet effective [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock" xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock" xlink:to="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Other Disclosures On Cash Flows Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Other Disclosures On Cash Flows Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Other disclosures on cash flows</link:label>
    <link:label xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other disclosures on cash flows</link:label>
    <link:label xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other disclosures on cash flows [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other disclosures on cash flows [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfPayablesToThirdPartiesTextBlock" xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfPayablesToThirdPartiesTextBlock" xlink:to="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Payables To Third Parties Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Payables To Third Parties Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
    <link:label xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payables to third parties [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfPayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payables to third parties [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfProvisionForContingenciesTextBlock" xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfProvisionForContingenciesTextBlock" xlink:to="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Provision For Contingencies Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Provision For Contingencies Text Block</link:label>
    <link:label xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Provision for contingencies</link:label>
    <link:label xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Provision for contingencies</link:label>
    <link:label xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Provision for contingencies [text block]</link:label>
    <link:label xlink:label="pags_DisclosureOfProvisionForContingenciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for contingencies [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_DisclosureOfSalariesAndSocialChargesTextBlock" xlink:label="pags_DisclosureOfSalariesAndSocialChargesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DisclosureOfSalariesAndSocialChargesTextBlock" xlink:to="pags_DisclosureOfSalariesAndSocialChargesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DisclosureOfSalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure Of Salaries And Social Charges Text Block</link:label>
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    <link:label xlink:label="pags_DisclosureOfSalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Salaries and social charges</link:label>
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    <link:label xlink:label="pags_DistribuitionOfDividendsRelatedYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribuition of dividends related year 2016</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DistributionOfInterestOnOwnCapital" xlink:label="pags_DistributionOfInterestOnOwnCapital" xlink:type="locator"/>
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    <link:label xlink:label="pags_DistributionOfInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Distribution Of Interest On Own Capital</link:label>
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    <link:label xlink:label="pags_DistributionOfInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution of interest on own capital</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DividendsBoaCompraTextBlock" xlink:label="pags_DividendsBoaCompraTextBlock" xlink:type="locator"/>
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    <link:label xlink:label="pags_DividendsBoaCompraTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends Boa Compra Text Block</link:label>
    <link:label xlink:label="pags_DividendsBoaCompraTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Boa Compra Text Block</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol" xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol" xlink:type="locator"/>
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    <link:label xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends Distributed Offset Against Receivables Under The Centralized Cash Management With Uol</link:label>
    <link:label xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Distributed Offset Against Receivables Under The Centralized Cash Management With Uol</link:label>
    <link:label xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Dividends distributed, offset against receivables under the centralized cash management with UOL</link:label>
    <link:label xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends distributed, offset against receivables under the centralized cash management with UOL</link:label>
    <link:label xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Dividends distributed, offset against receivables under the centralized cash management with UOL</link:label>
    <link:label xlink:label="pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividends distributed, offset against receivables under the centralized cash management with UOL</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol" xlink:label="pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol" xlink:type="locator"/>
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    <link:label xlink:label="pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Distributed Paid In Cash By Pagseguro Brazil To Uol</link:label>
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    <link:label xlink:label="pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividends distributed, paid in cash by PagSeguro Brazil to UOL</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DividendsPagseguroTextBlock" xlink:label="pags_DividendsPagseguroTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_DividendsPagseguroTextBlock" xlink:to="pags_DividendsPagseguroTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_DividendsPagseguroTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends Pagseguro Text Block</link:label>
    <link:label xlink:label="pags_DividendsPagseguroTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Pagseguro Text Block</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DueWithin121To180DaysMember" xlink:label="pags_DueWithin121To180DaysMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_DueWithin121To180DaysMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Due Within 121 To 180 Days [Member]</link:label>
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    <link:label xlink:label="pags_DueWithin181To360DaysMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Due Within 181 To 360 Days [Member]</link:label>
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    <link:label xlink:label="pags_DueWithin181To360DaysMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Due within 181 to 360 days [Member]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_DueWithin30DaysMember" xlink:label="pags_DueWithin30DaysMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_EquityProfitRetentionReserve_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">EQUITY - Profit retention reserve</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_EquityTablesAbstract" xlink:label="pags_EquityTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_EquityTablesAbstract" xlink:to="pags_EquityTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_EquityTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_EquityTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_EquityTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Equity (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_EquityTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_EquityValuationAdjustments" xlink:label="pags_EquityValuationAdjustments" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_EquityValuationAdjustments" xlink:to="pags_EquityValuationAdjustments_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_EquityValuationAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity Valuation Adjustments</link:label>
    <link:label xlink:label="pags_EquityValuationAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Valuation Adjustments</link:label>
    <link:label xlink:label="pags_EquityValuationAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Equity valuation adjustments</link:label>
    <link:label xlink:label="pags_EquityValuationAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity valuation adjustments</link:label>
    <link:label xlink:label="pags_EquityValuationAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Equity valuation adjustments</link:label>
    <link:label xlink:label="pags_EquityValuationAdjustments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity valuation adjustments</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_EquivalentToApproximatelyRSMember" xlink:label="pags_EquivalentToApproximatelyRSMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_EquivalentToApproximatelyRSMember" xlink:to="pags_EquivalentToApproximatelyRSMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_EquivalentToApproximatelyRSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equivalent To Approximately RS [Member]</link:label>
    <link:label xlink:label="pags_EquivalentToApproximatelyRSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equivalent To Approximately RS [Member]</link:label>
    <link:label xlink:label="pags_EquivalentToApproximatelyRSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Equivalent to approximately R$</link:label>
    <link:label xlink:label="pags_EquivalentToApproximatelyRSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equivalent to approximately R$</link:label>
    <link:label xlink:label="pags_EquivalentToApproximatelyRSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Equivalent to approximately R$ [Member]</link:label>
    <link:label xlink:label="pags_EquivalentToApproximatelyRSMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equivalent to approximately R$ [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock" xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock" xlink:to="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Estimated Realization Of Deferred Tax Assets In Noncurrent Assets And Liabilities Text Block</link:label>
    <link:label xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated Realization Of Deferred Tax Assets In Noncurrent Assets And Liabilities Text Block</link:label>
    <link:label xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Estimated realization of deferred tax assets in non-current assets and liabilities</link:label>
    <link:label xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Estimated realization of deferred tax assets in non-current assets and liabilities</link:label>
    <link:label xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Estimated realization of deferred tax assets in non-current assets and liabilities</link:label>
    <link:label xlink:label="pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Estimated realization of deferred tax assets in non-current assets and liabilities</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpectedIncomeTaxAndSocialContribution" xlink:label="pags_ExpectedIncomeTaxAndSocialContribution" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpectedIncomeTaxAndSocialContribution" xlink:to="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expected Income Tax And Social Contribution</link:label>
    <link:label xlink:label="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expected Income Tax And Social Contribution</link:label>
    <link:label xlink:label="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Expected income tax and social contribution</link:label>
    <link:label xlink:label="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected income tax and social contribution</link:label>
    <link:label xlink:label="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expected income tax and social contribution</link:label>
    <link:label xlink:label="pags_ExpectedIncomeTaxAndSocialContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expected income tax and social contribution</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesByNatureCostOfSales" xlink:label="pags_ExpensesByNatureCostOfSales" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesByNatureCostOfSales" xlink:to="pags_ExpensesByNatureCostOfSales_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesByNatureCostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses By Nature Cost Of Sales</link:label>
    <link:label xlink:label="pags_ExpensesByNatureCostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses By Nature Cost Of Sales</link:label>
    <link:label xlink:label="pags_ExpensesByNatureCostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cost of sales</link:label>
    <link:label xlink:label="pags_ExpensesByNatureCostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of sales</link:label>
    <link:label xlink:label="pags_ExpensesByNatureCostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses by nature - Cost of sales</link:label>
    <link:label xlink:label="pags_ExpensesByNatureCostOfSales_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses by nature - Cost of sales</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesByNatureDepreciationAndAmortization" xlink:label="pags_ExpensesByNatureDepreciationAndAmortization" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesByNatureDepreciationAndAmortization" xlink:to="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses By Nature Depreciation And Amortization</link:label>
    <link:label xlink:label="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses By Nature Depreciation And Amortization</link:label>
    <link:label xlink:label="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Depreciation and amortization</link:label>
    <link:label xlink:label="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label xlink:label="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses by nature - Depreciation and amortization</link:label>
    <link:label xlink:label="pags_ExpensesByNatureDepreciationAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses by nature - Depreciation and amortization</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesByNatureFinancialExpenses" xlink:label="pags_ExpensesByNatureFinancialExpenses" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesByNatureFinancialExpenses" xlink:to="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses By Nature Financial Expenses</link:label>
    <link:label xlink:label="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses By Nature Financial Expenses</link:label>
    <link:label xlink:label="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Financial expenses</link:label>
    <link:label xlink:label="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial expenses</link:label>
    <link:label xlink:label="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses by nature - Financial expenses</link:label>
    <link:label xlink:label="pags_ExpensesByNatureFinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses by nature - Financial expenses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesByNatureOther" xlink:label="pags_ExpensesByNatureOther" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesByNatureOther" xlink:to="pags_ExpensesByNatureOther_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesByNatureOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses By Nature Other</link:label>
    <link:label xlink:label="pags_ExpensesByNatureOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses By Nature Other</link:label>
    <link:label xlink:label="pags_ExpensesByNatureOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other</link:label>
    <link:label xlink:label="pags_ExpensesByNatureOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label xlink:label="pags_ExpensesByNatureOther_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses by nature - Other</link:label>
    <link:label xlink:label="pags_ExpensesByNatureOther_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses by nature - Other</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesByNatureTablesAbstract" xlink:label="pags_ExpensesByNatureTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesByNatureTablesAbstract" xlink:to="pags_ExpensesByNatureTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesByNatureTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses by nature (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses by nature (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses by nature (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses by nature (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesByNatureTextBlock" xlink:label="pags_ExpensesByNatureTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesByNatureTextBlock" xlink:to="pags_ExpensesByNatureTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesByNatureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses By Nature Text Block</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses By Nature Text Block</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Expenses by nature</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Expenses by nature</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses by nature [text block]</link:label>
    <link:label xlink:label="pags_ExpensesByNatureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses by nature [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesRevenuesNotAffectingCashAbstract" xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesRevenuesNotAffectingCashAbstract" xlink:to="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses Revenues Not Affecting Cash [Abstract]</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses Revenues Not Affecting Cash [Abstract]</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Expenses (revenues) not affecting cash:</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses (revenues) not affecting cash:</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses (revenues) not affecting Expenses (revenues) not affecting cash:</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses (revenues) not affecting Expenses (revenues) not affecting cash:</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies" xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies" xlink:to="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses Revenues Not Affecting Cash Accrualreversal Of Provision For Contingencies</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses Revenues Not Affecting Cash Accrualreversal Of Provision For Contingencies</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Accrual/(reversal) of provision for contingencies</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrual/(reversal) of provision for contingencies</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses (revenues) not affecting cash - Accrual/(reversal) of provision for contingencies</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses (revenues) not affecting cash - Accrual/(reversal) of provision for contingencies</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesRevenuesNotAffectingCashChargebacks" xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks" xlink:type="locator"/>
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    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses Revenues Not Affecting Cash Chargebacks</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses Revenues Not Affecting Cash Chargebacks</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Chargebacks</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Chargebacks</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses (revenues) not affecting cash - Chargebacks</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashChargebacks_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses (revenues) not affecting cash - Chargebacks</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments" xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments" xlink:to="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expenses Revenues Not Affecting Cash Unrealized Loss On Derivative Instruments</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses Revenues Not Affecting Cash Unrealized Loss On Derivative Instruments</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Unrealized loss on derivative instruments</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized loss on derivative instruments</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expenses (revenues) not affecting cash - Unrealized loss on derivative instruments</link:label>
    <link:label xlink:label="pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses (revenues) not affecting cash - Unrealized loss on derivative instruments</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FairValueMeasurementAbstract" xlink:label="pags_FairValueMeasurementAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FairValueMeasurementAbstract" xlink:to="pags_FairValueMeasurementAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FairValueMeasurementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Fair value measurement [Abstract]</link:label>
    <link:label xlink:label="pags_FairValueMeasurementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value measurement [Abstract]</link:label>
    <link:label xlink:label="pags_FairValueMeasurementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Fair value measurement [Abstract]</link:label>
    <link:label xlink:label="pags_FairValueMeasurementAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value measurement [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FairvalueofAssetsAndLiabilitiesAcquiredMember" xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember" xlink:to="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Fairvalueof Assets And Liabilities Acquired [Member]</link:label>
    <link:label xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fairvalueof Assets And Liabilities Acquired [Member]</link:label>
    <link:label xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Fair value of assets and liabilities acquired</link:label>
    <link:label xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of assets and liabilities acquired</link:label>
    <link:label xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Fair&#xA0;value&#xA0;of assets and liabilities acquired [Member]</link:label>
    <link:label xlink:label="pags_FairvalueofAssetsAndLiabilitiesAcquiredMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair&#xA0;value&#xA0;of assets and liabilities acquired [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialAssetsTextBlock" xlink:label="pags_FinancialAssetsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialAssetsTextBlock" xlink:to="pags_FinancialAssetsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Assets Text Block</link:label>
    <link:label xlink:label="pags_FinancialAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Assets Text Block</link:label>
    <link:label xlink:label="pags_FinancialAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial assets</link:label>
    <link:label xlink:label="pags_FinancialAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial assets</link:label>
    <link:label xlink:label="pags_FinancialAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial assets</link:label>
    <link:label xlink:label="pags_FinancialAssetsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial assets</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialExpenses" xlink:label="pags_FinancialExpenses" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialExpenses" xlink:to="pags_FinancialExpenses_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Expenses</link:label>
    <link:label xlink:label="pags_FinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Expenses</link:label>
    <link:label xlink:label="pags_FinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial expenses</link:label>
    <link:label xlink:label="pags_FinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial expenses</link:label>
    <link:label xlink:label="pags_FinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en">Financial expenses</link:label>
    <link:label xlink:label="pags_FinancialExpenses_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Financial expenses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialInstrumentsByCategoryTablesAbstract" xlink:label="pags_FinancialInstrumentsByCategoryTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialInstrumentsByCategoryTablesAbstract" xlink:to="pags_FinancialInstrumentsByCategoryTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialInstrumentsByCategoryTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial instruments by category (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInstrumentsByCategoryTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial instruments by category (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInstrumentsByCategoryTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial instruments by category (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInstrumentsByCategoryTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial instruments by category (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialInvestmentsAbstract" xlink:label="pags_FinancialInvestmentsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialInvestmentsAbstract" xlink:to="pags_FinancialInvestmentsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial investments [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial investments [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Financial investments</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial investments</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial investments [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial investments [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialInvestmentsDetailsTextAbstract" xlink:label="pags_FinancialInvestmentsDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialInvestmentsDetailsTextAbstract" xlink:to="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Investments Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Investments Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Financial investments (Details Text)</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial investments (Details Text)</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial investments (Details Text)</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial investments (Details Text)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialInvestmentsShorttermInvestment" xlink:label="pags_FinancialInvestmentsShorttermInvestment" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialInvestmentsShorttermInvestment" xlink:to="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Investments Shortterm Investment</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Investments Shortterm Investment</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Short-term investment</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term investment</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial investments - Short-term investment</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsShorttermInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial investments - Short-term investment</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialInvestmentsTablesAbstract" xlink:label="pags_FinancialInvestmentsTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialInvestmentsTablesAbstract" xlink:to="pags_FinancialInvestmentsTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialInvestmentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial investments (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial investments (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial investments (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial investments (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialInvestmentsTextBlock" xlink:label="pags_FinancialInvestmentsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialInvestmentsTextBlock" xlink:to="pags_FinancialInvestmentsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Investments Text Block</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Investments Text Block</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial investments</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial investments</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial investments [text block]</link:label>
    <link:label xlink:label="pags_FinancialInvestmentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial investments [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialLiabilitiesTextBlock" xlink:label="pags_FinancialLiabilitiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialLiabilitiesTextBlock" xlink:to="pags_FinancialLiabilitiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Liabilities Text Block</link:label>
    <link:label xlink:label="pags_FinancialLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities Text Block</link:label>
    <link:label xlink:label="pags_FinancialLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial liabilities</link:label>
    <link:label xlink:label="pags_FinancialLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label xlink:label="pags_FinancialLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial liabilities</link:label>
    <link:label xlink:label="pags_FinancialLiabilitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialRiskManagementDetailsTextAbstract" xlink:label="pags_FinancialRiskManagementDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialRiskManagementDetailsTextAbstract" xlink:to="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Risk Management Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Risk Management Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Financial risk management (Details Text)</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial risk management (Details Text)</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial risk management (Details Text)</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial risk management (Details Text)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_FinancialRiskManagementTablesAbstract" xlink:label="pags_FinancialRiskManagementTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_FinancialRiskManagementTablesAbstract" xlink:to="pags_FinancialRiskManagementTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_FinancialRiskManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial risk management (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial risk management (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial risk management (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_FinancialRiskManagementTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial risk management (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ForeignCurrencyMember" xlink:label="pags_ForeignCurrencyMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ForeignCurrencyMember" xlink:to="pags_ForeignCurrencyMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ForeignCurrencyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Foreign Currency [Member]</link:label>
    <link:label xlink:label="pags_ForeignCurrencyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign Currency [Member]</link:label>
    <link:label xlink:label="pags_ForeignCurrencyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Foreign currency</link:label>
    <link:label xlink:label="pags_ForeignCurrencyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign currency</link:label>
    <link:label xlink:label="pags_ForeignCurrencyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Foreign currency [Member]</link:label>
    <link:label xlink:label="pags_ForeignCurrencyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Foreign currency [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GearingRatio" xlink:label="pags_GearingRatio" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GearingRatio" xlink:to="pags_GearingRatio_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gearing Ratio</link:label>
    <link:label xlink:label="pags_GearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gearing Ratio</link:label>
    <link:label xlink:label="pags_GearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Gearing ratio</link:label>
    <link:label xlink:label="pags_GearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gearing ratio</link:label>
    <link:label xlink:label="pags_GearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gearing ratio</link:label>
    <link:label xlink:label="pags_GearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gearing ratio</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GeneralInformationAbstract" xlink:label="pags_GeneralInformationAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GeneralInformationAbstract" xlink:to="pags_GeneralInformationAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GeneralInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">General information [Abstract]</link:label>
    <link:label xlink:label="pags_GeneralInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General information [Abstract]</link:label>
    <link:label xlink:label="pags_GeneralInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">General information [Abstract]</link:label>
    <link:label xlink:label="pags_GeneralInformationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">General information [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GeneralInformationDetailsTextAbstract" xlink:label="pags_GeneralInformationDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GeneralInformationDetailsTextAbstract" xlink:to="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">General Information Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">General Information Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">General information (Details Text)</link:label>
    <link:label xlink:label="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">General information (Details Text)</link:label>
    <link:label xlink:label="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">General information (Details Text)</link:label>
    <link:label xlink:label="pags_GeneralInformationDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">General information (Details Text)</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GiftsAndOtherNondeductibleExpenses" xlink:label="pags_GiftsAndOtherNondeductibleExpenses" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GiftsAndOtherNondeductibleExpenses" xlink:to="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gifts And Other Nondeductible Expenses</link:label>
    <link:label xlink:label="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gifts And Other Nondeductible Expenses</link:label>
    <link:label xlink:label="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Gifts</link:label>
    <link:label xlink:label="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gifts</link:label>
    <link:label xlink:label="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gifts and other non-deductible expenses</link:label>
    <link:label xlink:label="pags_GiftsAndOtherNondeductibleExpenses_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gifts and other non-deductible expenses</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GlobalOfferingOfShares" xlink:label="pags_GlobalOfferingOfShares" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GlobalOfferingOfShares" xlink:to="pags_GlobalOfferingOfShares_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GlobalOfferingOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Global Offering Of Shares</link:label>
    <link:label xlink:label="pags_GlobalOfferingOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Global Offering Of Shares</link:label>
    <link:label xlink:label="pags_GlobalOfferingOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Global offering of shares</link:label>
    <link:label xlink:label="pags_GlobalOfferingOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Global offering of shares</link:label>
    <link:label xlink:label="pags_GlobalOfferingOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Global offering of shares</link:label>
    <link:label xlink:label="pags_GlobalOfferingOfShares_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Global offering of shares</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GrossFinancialIncome" xlink:label="pags_GrossFinancialIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GrossFinancialIncome" xlink:to="pags_GrossFinancialIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GrossFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gross Financial Income</link:label>
    <link:label xlink:label="pags_GrossFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross Financial Income</link:label>
    <link:label xlink:label="pags_GrossFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Gross financial income</link:label>
    <link:label xlink:label="pags_GrossFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross financial income</link:label>
    <link:label xlink:label="pags_GrossFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gross financial income</link:label>
    <link:label xlink:label="pags_GrossFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gross financial income</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GrossRevenueFromSales" xlink:label="pags_GrossRevenueFromSales" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GrossRevenueFromSales" xlink:to="pags_GrossRevenueFromSales_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GrossRevenueFromSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gross Revenue From Sales</link:label>
    <link:label xlink:label="pags_GrossRevenueFromSales_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross Revenue From Sales</link:label>
    <link:label xlink:label="pags_GrossRevenueFromSales_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Gross revenue from sales</link:label>
    <link:label xlink:label="pags_GrossRevenueFromSales_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross revenue from sales</link:label>
    <link:label xlink:label="pags_GrossRevenueFromSales_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gross revenue from sales</link:label>
    <link:label xlink:label="pags_GrossRevenueFromSales_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gross revenue from sales</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_GrossRevenueFromTransactionActivitiesAndOtherServices" xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_GrossRevenueFromTransactionActivitiesAndOtherServices" xlink:to="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gross Revenue From Transaction Activities And Other Services</link:label>
    <link:label xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross Revenue From Transaction Activities And Other Services</link:label>
    <link:label xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Gross revenue from transaction activities and other services</link:label>
    <link:label xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross revenue from transaction activities and other services</link:label>
    <link:label xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gross revenue from transaction activities and other services</link:label>
    <link:label xlink:label="pags_GrossRevenueFromTransactionActivitiesAndOtherServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gross revenue from transaction activities and other services</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_IPOInitialPublicOfferingAxis" xlink:label="pags_IPOInitialPublicOfferingAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_IPOInitialPublicOfferingAxis" xlink:to="pags_IPOInitialPublicOfferingAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_IPOInitialPublicOfferingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">IPO Initial Public Offering [Axis]</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IPO Initial Public Offering [Axis]</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">IPO &#x2013; Initial Public Offering</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IPO &#x2013; Initial Public Offering</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">IPO &#x2013; Initial Public Offering [Axis]</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">IPO &#x2013; Initial Public Offering [Axis]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_IPOInitialPublicOfferingDomain" xlink:label="pags_IPOInitialPublicOfferingDomain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_IPOInitialPublicOfferingDomain" xlink:to="pags_IPOInitialPublicOfferingDomain_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_IPOInitialPublicOfferingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">IPO Initial Public Offering [Domain]</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IPO Initial Public Offering [Domain]</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">IPO &#x2013; Initial Public Offering</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IPO &#x2013; Initial Public Offering</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">IPO &#x2013; Initial Public Offering [Domain]</link:label>
    <link:label xlink:label="pags_IPOInitialPublicOfferingDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">IPO &#x2013; Initial Public Offering [Domain]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ImmediateParentUOLCashManagementMember" xlink:label="pags_ImmediateParentUOLCashManagementMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ImmediateParentUOLCashManagementMember" xlink:to="pags_ImmediateParentUOLCashManagementMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ImmediateParentUOLCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Immediate Parent UOL Cash Management [Member]</link:label>
    <link:label xlink:label="pags_ImmediateParentUOLCashManagementMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Immediate Parent UOL Cash Management [Member]</link:label>
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    <link:label xlink:label="pags_IssuanceOfSharesToUolForTransferOfNetphoneAndBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Issuance of shares to UOL for transfer of Net+Phone and Boa Compra [Member]</link:label>
    <link:label xlink:label="pags_IssuanceOfSharesToUolForTransferOfNetphoneAndBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Issuance of shares to UOL for transfer of Net+Phone and Boa Compra [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_JudicialDepositsAbstract" xlink:label="pags_JudicialDepositsAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_JudicialDepositsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Judicial Deposits [Abstract]</link:label>
    <link:label xlink:label="pags_JudicialDepositsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Judicial Deposits [Abstract]</link:label>
    <link:label xlink:label="pags_JudicialDepositsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Judicial deposits</link:label>
    <link:label xlink:label="pags_JudicialDepositsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Judicial deposits</link:label>
    <link:label xlink:label="pags_JudicialDepositsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Judicial deposits</link:label>
    <link:label xlink:label="pags_JudicialDepositsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Judicial deposits</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_JudicialDepositsServicesTax" xlink:label="pags_JudicialDepositsServicesTax" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_JudicialDepositsServicesTax" xlink:to="pags_JudicialDepositsServicesTax_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_JudicialDepositsServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Judicial Deposits Services Tax</link:label>
    <link:label xlink:label="pags_JudicialDepositsServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Judicial Deposits Services Tax</link:label>
    <link:label xlink:label="pags_JudicialDepositsServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Services tax</link:label>
    <link:label xlink:label="pags_JudicialDepositsServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Services tax</link:label>
    <link:label xlink:label="pags_JudicialDepositsServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Judicial deposits - Services tax</link:label>
    <link:label xlink:label="pags_JudicialDepositsServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Judicial deposits - Services tax</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_JudicialDepositsSocialContributionOnRevenues" xlink:label="pags_JudicialDepositsSocialContributionOnRevenues" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_JudicialDepositsSocialContributionOnRevenues" xlink:to="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Judicial Deposits Social Contribution On Revenues</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Judicial Deposits Social Contribution On Revenues</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Social contribution on revenues</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Social contribution on revenues</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Judicial deposits - Social contribution on revenues</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Judicial deposits - Social contribution on revenues</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_JudicialDepositsSocialIntegrationProgram" xlink:label="pags_JudicialDepositsSocialIntegrationProgram" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_JudicialDepositsSocialIntegrationProgram" xlink:to="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Judicial Deposits Social Integration Program</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Judicial Deposits Social Integration Program</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Social integration program</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Social integration program</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Judicial deposits - Social integration program</link:label>
    <link:label xlink:label="pags_JudicialDepositsSocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Judicial deposits - Social integration program</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_JudicialDepositsTotal" xlink:label="pags_JudicialDepositsTotal" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_JudicialDepositsTotal" xlink:to="pags_JudicialDepositsTotal_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_JudicialDepositsTotal_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Judicial Deposits Total</link:label>
    <link:label xlink:label="pags_JudicialDepositsTotal_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Judicial Deposits Total</link:label>
    <link:label xlink:label="pags_JudicialDepositsTotal_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="pags_JudicialDepositsTotal_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label xlink:label="pags_JudicialDepositsTotal_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Judicial deposits - Total</link:label>
    <link:label xlink:label="pags_JudicialDepositsTotal_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Judicial deposits - Total</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_JudicialDepositsValueaddedTaxOnSalesAndServices" xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_JudicialDepositsValueaddedTaxOnSalesAndServices" xlink:to="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Judicial Deposits Valueadded Tax On Sales And Services</link:label>
    <link:label xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Judicial Deposits Valueadded Tax On Sales And Services</link:label>
    <link:label xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Value-added tax on sales and services</link:label>
    <link:label xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Value-added tax on sales and services</link:label>
    <link:label xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Judicial deposits - Value-added tax on sales and services</link:label>
    <link:label xlink:label="pags_JudicialDepositsValueaddedTaxOnSalesAndServices_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Judicial deposits - Value-added tax on sales and services</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsAmexMember" xlink:label="pags_LegalObligorsAmexMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsAmexMember" xlink:to="pags_LegalObligorsAmexMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsAmexMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Amex [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsAmexMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Amex [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsAmexMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Amex</link:label>
    <link:label xlink:label="pags_LegalObligorsAmexMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amex</link:label>
    <link:label xlink:label="pags_LegalObligorsAmexMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Amex [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsAmexMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Amex [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsBancoDoBrasilMember" xlink:label="pags_LegalObligorsBancoDoBrasilMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsBancoDoBrasilMember" xlink:to="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Banco Do Brasil [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Banco Do Brasil [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Banco do Brasil</link:label>
    <link:label xlink:label="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Banco do Brasil</link:label>
    <link:label xlink:label="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Banco do Brasil [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsBancoDoBrasilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Banco do Brasil [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsBradescoMember" xlink:label="pags_LegalObligorsBradescoMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsBradescoMember" xlink:to="pags_LegalObligorsBradescoMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsBradescoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Bradesco [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsBradescoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Bradesco [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsBradescoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Bradesco</link:label>
    <link:label xlink:label="pags_LegalObligorsBradescoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bradesco</link:label>
    <link:label xlink:label="pags_LegalObligorsBradescoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Bradesco [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsBradescoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Bradesco [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsCEFMember" xlink:label="pags_LegalObligorsCEFMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsCEFMember" xlink:to="pags_LegalObligorsCEFMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsCEFMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors CEF [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsCEFMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors CEF [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsCEFMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">CEF</link:label>
    <link:label xlink:label="pags_LegalObligorsCEFMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CEF</link:label>
    <link:label xlink:label="pags_LegalObligorsCEFMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - CEF [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsCEFMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - CEF [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsCieloMember" xlink:label="pags_LegalObligorsCieloMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsCieloMember" xlink:to="pags_LegalObligorsCieloMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsCieloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Cielo [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsCieloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Cielo [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsCieloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Cielo</link:label>
    <link:label xlink:label="pags_LegalObligorsCieloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cielo</link:label>
    <link:label xlink:label="pags_LegalObligorsCieloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Cielo [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsCieloMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Cielo [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsItauMember" xlink:label="pags_LegalObligorsItauMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsItauMember" xlink:to="pags_LegalObligorsItauMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsItauMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Itau [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsItauMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Itau [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsItauMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Itau</link:label>
    <link:label xlink:label="pags_LegalObligorsItauMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Itau</link:label>
    <link:label xlink:label="pags_LegalObligorsItauMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Itau [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsItauMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Itau [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsOtherAcquirersMember" xlink:label="pags_LegalObligorsOtherAcquirersMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_LegalObligorsOtherAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other</link:label>
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    <link:label xlink:label="pags_LegalObligorsOtherCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Other Card Issuers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsOtherCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsRedecardMember" xlink:label="pags_LegalObligorsRedecardMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_LegalObligorsRedecardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Redecard [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsRedecardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Redecard [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsRedecardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Redecard</link:label>
    <link:label xlink:label="pags_LegalObligorsRedecardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redecard</link:label>
    <link:label xlink:label="pags_LegalObligorsRedecardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Redecard [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsRedecardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Redecard [Member]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsSantanderMember" xlink:label="pags_LegalObligorsSantanderMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsSantanderMember" xlink:to="pags_LegalObligorsSantanderMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsSantanderMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Santander [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsSantanderMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Santander [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsSantanderMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Santander</link:label>
    <link:label xlink:label="pags_LegalObligorsSantanderMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Santander</link:label>
    <link:label xlink:label="pags_LegalObligorsSantanderMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Santander [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsSantanderMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Santander [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsTotalAcquirersMember" xlink:label="pags_LegalObligorsTotalAcquirersMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsTotalAcquirersMember" xlink:to="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Total Acquirers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Total Acquirers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total acquirers</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total acquirers</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Total acquirers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalAcquirersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Total acquirers [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsTotalCardIssuersMember" xlink:label="pags_LegalObligorsTotalCardIssuersMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_LegalObligorsTotalCardIssuersMember" xlink:to="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Total Card Issuers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Total Card Issuers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Total card issuers</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total card issuers</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Legal obligors - Total card issuers [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsTotalCardIssuersMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal obligors - Total card issuers [Member]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_LegalObligorsVeroMember" xlink:label="pags_LegalObligorsVeroMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_LegalObligorsVeroMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Legal Obligors Vero [Member]</link:label>
    <link:label xlink:label="pags_LegalObligorsVeroMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Obligors Vero [Member]</link:label>
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    <link:label xlink:label="pags_LegalObligorsVeroMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vero</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_Level" xlink:label="pags_Level" xlink:type="locator"/>
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    <link:label xlink:label="pags_Level_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level</link:label>
    <link:label xlink:label="pags_Level_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Level</link:label>
    <link:label xlink:label="pags_Level_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level</link:label>
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    <link:label xlink:label="pags_Level_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Level</link:label>
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    <link:label xlink:label="pags_LoansAndReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans And Receivables [Abstract]</link:label>
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    <link:label xlink:label="pags_LoansAndReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and receivables:</link:label>
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    <link:label xlink:label="pags_LoansAndReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loans and receivables</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_LossOfFixedAssetsSold" xlink:label="pags_LossOfFixedAssetsSold" xlink:type="locator"/>
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    <link:loc xlink:href="pags-20171231.xsd#pags_MaturityAnalysisOfNoteReceivablesAbstract" xlink:label="pags_MaturityAnalysisOfNoteReceivablesAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_MeasuredAtFairValueThroughProfitOrLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measured at fair value through profit or loss:</link:label>
    <link:label xlink:label="pags_MeasuredAtFairValueThroughProfitOrLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Measured at fair value through profit or loss</link:label>
    <link:label xlink:label="pags_MeasuredAtFairValueThroughProfitOrLossAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Measured at fair value through profit or loss</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NetChangesInOperatingAssetsAndLiabilities" xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NetChangesInOperatingAssetsAndLiabilities" xlink:to="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Changes In Operating Assets And Liabilities</link:label>
    <link:label xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Changes In Operating Assets And Liabilities</link:label>
    <link:label xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net Changes in operating assets and liabilities</link:label>
    <link:label xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net Changes in operating assets and liabilities</link:label>
    <link:label xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net Changes in operating assets and liabilities</link:label>
    <link:label xlink:label="pags_NetChangesInOperatingAssetsAndLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Changes in operating assets and liabilities</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NetParentInvestmentMember" xlink:label="pags_NetParentInvestmentMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NetParentInvestmentMember" xlink:to="pags_NetParentInvestmentMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NetParentInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net Parent Investment [Member]</link:label>
    <link:label xlink:label="pags_NetParentInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Parent Investment [Member]</link:label>
    <link:label xlink:label="pags_NetParentInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net parent investment</link:label>
    <link:label xlink:label="pags_NetParentInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net parent investment</link:label>
    <link:label xlink:label="pags_NetParentInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net parent investment [Member]</link:label>
    <link:label xlink:label="pags_NetParentInvestmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net parent investment [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NoncashInvestingAndFinancingActivitiesAbstract" xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NoncashInvestingAndFinancingActivitiesAbstract" xlink:to="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Noncash Investing And Financing Activities [Abstract]</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash Investing And Financing Activities [Abstract]</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Non-cash investing and financing activities</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-cash investing and financing activities</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Non-cash investing and financing activities</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-cash investing and financing activities</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NoncashInvestingAndFinancingActivitiesTextBlock" xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NoncashInvestingAndFinancingActivitiesTextBlock" xlink:to="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Noncash Investing And Financing Activities Text Block</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncash Investing And Financing Activities Text Block</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Non-cash investing and financing activities</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-cash investing and financing activities</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Non-cash investing and financing activities [text block]</link:label>
    <link:label xlink:label="pags_NoncashInvestingAndFinancingActivitiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-cash investing and financing activities [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NoncontrollingAcquisition" xlink:label="pags_NoncontrollingAcquisition" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NoncontrollingAcquisition" xlink:to="pags_NoncontrollingAcquisition_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NoncontrollingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Noncontrolling Acquisition</link:label>
    <link:label xlink:label="pags_NoncontrollingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncontrolling Acquisition</link:label>
    <link:label xlink:label="pags_NoncontrollingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Non-controlling acquisition</link:label>
    <link:label xlink:label="pags_NoncontrollingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling acquisition</link:label>
    <link:label xlink:label="pags_NoncontrollingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Non-controlling acquisition</link:label>
    <link:label xlink:label="pags_NoncontrollingAcquisition_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-controlling acquisition</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NoteReceivablesAbstract" xlink:label="pags_NoteReceivablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NoteReceivablesAbstract" xlink:to="pags_NoteReceivablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NoteReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Note receivables [Abstract]</link:label>
    <link:label xlink:label="pags_NoteReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note receivables [Abstract]</link:label>
    <link:label xlink:label="pags_NoteReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Legal obligors</link:label>
    <link:label xlink:label="pags_NoteReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal obligors</link:label>
    <link:label xlink:label="pags_NoteReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Note receivables [Abstract]</link:label>
    <link:label xlink:label="pags_NoteReceivablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Note receivables [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NoteReceivablesTablesAbstract" xlink:label="pags_NoteReceivablesTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NoteReceivablesTablesAbstract" xlink:to="pags_NoteReceivablesTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NoteReceivablesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Note receivables (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_NoteReceivablesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note receivables (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_NoteReceivablesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Note receivables (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_NoteReceivablesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Note receivables (Tables) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NoteReceivablesTextBlock" xlink:label="pags_NoteReceivablesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NoteReceivablesTextBlock" xlink:to="pags_NoteReceivablesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Note Receivables Text Block</link:label>
    <link:label xlink:label="pags_NoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note Receivables Text Block</link:label>
    <link:label xlink:label="pags_NoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Note receivables</link:label>
    <link:label xlink:label="pags_NoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Note receivables</link:label>
    <link:label xlink:label="pags_NoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Note receivables [text block]</link:label>
    <link:label xlink:label="pags_NoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Note receivables [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_NumberOfCommonSharesInThousands" xlink:label="pags_NumberOfCommonSharesInThousands" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_NumberOfCommonSharesInThousands" xlink:to="pags_NumberOfCommonSharesInThousands_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_NumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Number Of Common Shares In Thousands</link:label>
    <link:label xlink:label="pags_NumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Common Shares In Thousands</link:label>
    <link:label xlink:label="pags_NumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Number of common shares</link:label>
    <link:label xlink:label="pags_NumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of common shares</link:label>
    <link:label xlink:label="pags_NumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Number of common shares (in thousands)</link:label>
    <link:label xlink:label="pags_NumberOfCommonSharesInThousands_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of common shares (in thousands)</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement" xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement" xlink:to="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Offset Against Receivables Under The Centralized Cash Management</link:label>
    <link:label xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Offset Against Receivables Under The Centralized Cash Management</link:label>
    <link:label xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Offset against receivables under the centralized cash management</link:label>
    <link:label xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Offset against receivables under the centralized cash management</link:label>
    <link:label xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Offset against receivables under the centralized cash management</link:label>
    <link:label xlink:label="pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Offset against receivables under the centralized cash management</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_OtherAdditionsExclusions" xlink:label="pags_OtherAdditionsExclusions" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_OtherAdditionsExclusions" xlink:to="pags_OtherAdditionsExclusions_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_OtherAdditionsExclusions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Additions Exclusions</link:label>
    <link:label xlink:label="pags_OtherAdditionsExclusions_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Additions Exclusions</link:label>
    <link:label xlink:label="pags_OtherAdditionsExclusions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other additions</link:label>
    <link:label xlink:label="pags_OtherAdditionsExclusions_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other additions</link:label>
    <link:label xlink:label="pags_OtherAdditionsExclusions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other additions (exclusions)</link:label>
    <link:label xlink:label="pags_OtherAdditionsExclusions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other additions (exclusions)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_OtherDisclosuresOnCashFlowsAbstract" xlink:label="pags_OtherDisclosuresOnCashFlowsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_OtherDisclosuresOnCashFlowsAbstract" xlink:to="pags_OtherDisclosuresOnCashFlowsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other disclosures on cash flows [Abstract]</link:label>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other disclosures on cash flows [Abstract]</link:label>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other disclosures on cash flows [Abstract]</link:label>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other disclosures on cash flows [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_OtherDisclosuresOnCashFlowsTablesAbstract" xlink:label="pags_OtherDisclosuresOnCashFlowsTablesAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other disclosures on cash flows (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other disclosures on cash flows (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other disclosures on cash flows (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_OtherDisclosuresOnCashFlowsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other disclosures on cash flows (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_OtherFinancialIncome" xlink:label="pags_OtherFinancialIncome" xlink:type="locator"/>
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    <link:label xlink:label="pags_OtherFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other financial income</link:label>
    <link:label xlink:label="pags_OtherFinancialIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other financial income</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_OtherMember" xlink:to="pags_OtherMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_OtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other [Member]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_OtherTemporaryDifferencesliabilityMember" xlink:label="pags_OtherTemporaryDifferencesliabilityMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_OwnersOfTheCompanyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Owners Of The Company [Abstract]</link:label>
    <link:label xlink:label="pags_OwnersOfTheCompanyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Owners Of The Company [Abstract]</link:label>
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    <link:label xlink:label="pags_OwnersOfTheCompanyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Owners of the Company</link:label>
    <link:label xlink:label="pags_OwnersOfTheCompanyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Owners of the Company</link:label>
    <link:label xlink:label="pags_OwnersOfTheCompanyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Owners of the Company</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroAbstract" xlink:label="pags_PagseguroAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroAbstract" xlink:to="pags_PagseguroAbstract_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_PagseguroAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pagseguro</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroAdjustedIncomeForTheYear" xlink:label="pags_PagseguroAdjustedIncomeForTheYear" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroAdjustedIncomeForTheYear" xlink:to="pags_PagseguroAdjustedIncomeForTheYear_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Adjusted Income For The Year</link:label>
    <link:label xlink:label="pags_PagseguroAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Adjusted Income For The Year</link:label>
    <link:label xlink:label="pags_PagseguroAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Adjusted income for the year</link:label>
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    <link:label xlink:label="pags_PagseguroAdjustedIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Pagseguro - Adjusted income for the year</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa" xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa" xlink:to="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Brazil Acquired Control With The Acquisition Of Interest In Bivaco Holding Sa</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Brazil Acquired Control With The Acquisition Of Interest In Bivaco Holding Sa</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Brazil acquired control with the acquisition of interest in Bivaco Holding SA</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil acquired control with the acquisition of interest in Bivaco Holding SA</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">PagSeguro Brazil acquired control with the acquisition of interest in Bivaco Holding SA</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil acquired control with the acquisition of interest in Bivaco Holding SA</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech" xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech" xlink:to="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Brazil Acquired The Share Capital And Obtained Control Of Rtech</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Brazil Acquired The Share Capital And Obtained Control Of Rtech</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Brazil acquired the share capital and obtained control of R2TECH</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil acquired the share capital and obtained control of R2TECH</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">PagSeguro Brazil acquired the share capital and obtained control of R2TECH</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil acquired the share capital and obtained control of R2TECH</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps" xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps" xlink:to="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Brazil Acquired The Share Capital And Obtained The Control Of Bcps</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Brazil Acquired The Share Capital And Obtained The Control Of Bcps</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Brazil acquired the share capital and obtained the control of BCPS</link:label>
    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil acquired the share capital and obtained the control of BCPS</link:label>
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    <link:label xlink:label="pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil acquired the share capital and obtained the control of BCPS</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroBrazilCarriedOutReverseShareSplit" xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroBrazilCarriedOutReverseShareSplit" xlink:to="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Brazil Carried Out Reverse Share Split</link:label>
    <link:label xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Brazil Carried Out Reverse Share Split</link:label>
    <link:label xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Brazil carried out a reverse share split</link:label>
    <link:label xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil carried out a reverse share split</link:label>
    <link:label xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">PagSeguro Brazil carried out a reverse share split</link:label>
    <link:label xlink:label="pags_PagseguroBrazilCarriedOutReverseShareSplit_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil carried out a reverse share split</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio" xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio" xlink:to="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Brazil Groups Strategy Was To Maintain Gearing Ratio</link:label>
    <link:label xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Brazil Groups Strategy Was To Maintain Gearing Ratio</link:label>
    <link:label xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Brazil Group's strategy was to maintain a gearing ratio</link:label>
    <link:label xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil Group's strategy was to maintain a gearing ratio</link:label>
    <link:label xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">PagSeguro Brazil Group's strategy was to maintain a gearing ratio</link:label>
    <link:label xlink:label="pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil Group's strategy was to maintain a gearing ratio</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling" xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling" xlink:type="locator"/>
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    <link:label xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Brazil Management Is Proposing The Establishment Of Profit Retention Reserve Totaling</link:label>
    <link:label xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Brazil Management Is Proposing The Establishment Of Profit Retention Reserve Totaling</link:label>
    <link:label xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling</link:label>
    <link:label xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling</link:label>
    <link:label xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling</link:label>
    <link:label xlink:label="pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil" xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil" xlink:to="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Digital Has Control Of The Shares Pagseguro Brazil</link:label>
    <link:label xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Digital Has Control Of The Shares Pagseguro Brazil</link:label>
    <link:label xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">PagSeguro Digital has control of the shares PagSeguro Brazil</link:label>
    <link:label xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Digital has control of the shares PagSeguro Brazil</link:label>
    <link:label xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">PagSeguro Digital has control of the shares PagSeguro Brazil</link:label>
    <link:label xlink:label="pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PagSeguro Digital has control of the shares PagSeguro Brazil</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroInterestOnOwnCapital" xlink:label="pags_PagseguroInterestOnOwnCapital" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroInterestOnOwnCapital" xlink:to="pags_PagseguroInterestOnOwnCapital_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Interest On Own Capital</link:label>
    <link:label xlink:label="pags_PagseguroInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Interest On Own Capital</link:label>
    <link:label xlink:label="pags_PagseguroInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Interest on own capital</link:label>
    <link:label xlink:label="pags_PagseguroInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest on own capital</link:label>
    <link:label xlink:label="pags_PagseguroInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Pagseguro - Interest on own capital</link:label>
    <link:label xlink:label="pags_PagseguroInterestOnOwnCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pagseguro - Interest on own capital</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroNetIncome" xlink:label="pags_PagseguroNetIncome" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroNetIncome" xlink:to="pags_PagseguroNetIncome_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Net Income</link:label>
    <link:label xlink:label="pags_PagseguroNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Net Income</link:label>
    <link:label xlink:label="pags_PagseguroNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net income</link:label>
    <link:label xlink:label="pags_PagseguroNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income</link:label>
    <link:label xlink:label="pags_PagseguroNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Pagseguro - Net income</link:label>
    <link:label xlink:label="pags_PagseguroNetIncome_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pagseguro - Net income</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroNetIncomeForTheYear" xlink:label="pags_PagseguroNetIncomeForTheYear" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroNetIncomeForTheYear" xlink:to="pags_PagseguroNetIncomeForTheYear_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Net Income For The Year</link:label>
    <link:label xlink:label="pags_PagseguroNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Net Income For The Year</link:label>
    <link:label xlink:label="pags_PagseguroNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net income for the year</link:label>
    <link:label xlink:label="pags_PagseguroNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income for the year</link:label>
    <link:label xlink:label="pags_PagseguroNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Pagseguro - Net income for the year</link:label>
    <link:label xlink:label="pags_PagseguroNetIncomeForTheYear_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pagseguro - Net income for the year</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PagseguroNetInvestment" xlink:label="pags_PagseguroNetInvestment" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PagseguroNetInvestment" xlink:to="pags_PagseguroNetInvestment_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PagseguroNetInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pagseguro Net Investment</link:label>
    <link:label xlink:label="pags_PagseguroNetInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pagseguro Net Investment</link:label>
    <link:label xlink:label="pags_PagseguroNetInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net investment</link:label>
    <link:label xlink:label="pags_PagseguroNetInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net investment</link:label>
    <link:label xlink:label="pags_PagseguroNetInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Pagseguro - Net investment</link:label>
    <link:label xlink:label="pags_PagseguroNetInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pagseguro - Net investment</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ParticipationInTheResultsOfPartnersAndManagers" xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ParticipationInTheResultsOfPartnersAndManagers" xlink:to="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Participation In The Results Of Partners And Managers</link:label>
    <link:label xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Participation In The Results Of Partners And Managers</link:label>
    <link:label xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Participation in the results of partners and managers</link:label>
    <link:label xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Participation in the results of partners and managers</link:label>
    <link:label xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Participation in the results of partners and managers</link:label>
    <link:label xlink:label="pags_ParticipationInTheResultsOfPartnersAndManagers_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Participation in the results of partners and managers</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PayablesToThirdParties" xlink:label="pags_PayablesToThirdParties" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PayablesToThirdParties" xlink:to="pags_PayablesToThirdParties_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payables To Third Parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables To Third Parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdParties_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PayablesToThirdPartiesAbstract" xlink:label="pags_PayablesToThirdPartiesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PayablesToThirdPartiesAbstract" xlink:to="pags_PayablesToThirdPartiesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PayablesToThirdPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payables to third parties [Abstract]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables to third parties [Abstract]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payables to third parties [Abstract]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payables to third parties [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PayablesToThirdPartiesTablesAbstract" xlink:label="pags_PayablesToThirdPartiesTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PayablesToThirdPartiesTablesAbstract" xlink:to="pags_PayablesToThirdPartiesTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PayablesToThirdPartiesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payables to third parties (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables to third parties (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payables to third parties (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payables to third parties (Tables) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PayablesToThirdPartiesTextBlock" xlink:label="pags_PayablesToThirdPartiesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PayablesToThirdPartiesTextBlock" xlink:to="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payables To Third Parties Text Block</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables To Third Parties Text Block</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Payables to third parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payables to third parties</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payables to third parties [text block]</link:label>
    <link:label xlink:label="pags_PayablesToThirdPartiesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payables to third parties [text block]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PaymentTheRemainingBalanceOfInCash" xlink:label="pags_PaymentTheRemainingBalanceOfInCash" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PaymentTheRemainingBalanceOfInCash" xlink:to="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payment The Remaining Balance Of In Cash</link:label>
    <link:label xlink:label="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payment The Remaining Balance Of In Cash</link:label>
    <link:label xlink:label="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payment the remaining balance of in cash</link:label>
    <link:label xlink:label="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payment the remaining balance of in cash</link:label>
    <link:label xlink:label="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payment the remaining balance of in cash</link:label>
    <link:label xlink:label="pags_PaymentTheRemainingBalanceOfInCash_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payment the remaining balance of in cash</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PayoutCapitalization" xlink:label="pags_PayoutCapitalization" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_PayoutCapitalization" xlink:to="pags_PayoutCapitalization_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_PayoutCapitalization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payout Capitalization</link:label>
    <link:label xlink:label="pags_PayoutCapitalization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payout Capitalization</link:label>
    <link:label xlink:label="pags_PayoutCapitalization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payout capitalization</link:label>
    <link:label xlink:label="pags_PayoutCapitalization_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payout capitalization</link:label>
    <link:label xlink:label="pags_PayoutCapitalization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Payout capitalization</link:label>
    <link:label xlink:label="pags_PayoutCapitalization_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payout capitalization</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PermanentAdditionsExclusionsAbstract" xlink:label="pags_PermanentAdditionsExclusionsAbstract" xlink:type="locator"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ProvisionForContingenciesAbstract" xlink:to="pags_ProvisionForContingenciesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ProvisionForContingenciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provision for contingencies [Abstract]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ProvisionForContingenciesDetailsTextAbstract" xlink:label="pags_ProvisionForContingenciesDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ProvisionForContingenciesDetailsTextAbstract" xlink:to="pags_ProvisionForContingenciesDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ProvisionForContingenciesDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provision For Contingencies Details Text [Abstract]</link:label>
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    <link:label xlink:label="pags_ProvisionForContingenciesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provision for contingencies (Tables) [Abstract]</link:label>
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    <link:label xlink:label="pags_ProvisionForContingenciesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for contingencies (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ProvisionForLaborContingencies" xlink:label="pags_ProvisionForLaborContingencies" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ProvisionForLaborContingencies" xlink:to="pags_ProvisionForLaborContingencies_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ProvisionForLaborContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provision For Labor Contingencies</link:label>
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    <link:label xlink:label="pags_ProvisionForLaborContingencies_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Labor</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ProvisionsForLossesTextBlock" xlink:label="pags_ProvisionsForLossesTextBlock" xlink:type="locator"/>
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    <link:label xlink:label="pags_ProvisionsForLossesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provisions For Losses Text Block</link:label>
    <link:label xlink:label="pags_ProvisionsForLossesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions For Losses Text Block</link:label>
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    <link:label xlink:label="pags_ProvisionsForLossesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Provisions for losses</link:label>
    <link:label xlink:label="pags_ProvisionsForLossesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Provisions for losses</link:label>
    <link:label xlink:label="pags_ProvisionsForLossesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provisions for losses</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_PurchaseAccountingAdjustmentMember" xlink:label="pags_PurchaseAccountingAdjustmentMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_PurchaseAccountingAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase Accounting Adjustment [Member]</link:label>
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    <link:label xlink:label="pags_PurchaseAccountingAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase accounting adjustment</link:label>
    <link:label xlink:label="pags_PurchaseAccountingAdjustmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Purchase accounting adjustment [Member]</link:label>
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    <link:label xlink:label="pags_PurchaseCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase Cost</link:label>
    <link:label xlink:label="pags_PurchaseCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Cost</link:label>
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    <link:label xlink:label="pags_PurchaseCost_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase cost</link:label>
    <link:label xlink:label="pags_PurchaseCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Purchase cost</link:label>
    <link:label xlink:label="pags_PurchaseCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase cost</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_RDAndTechnologicalInnovationBenefit" xlink:label="pags_RDAndTechnologicalInnovationBenefit" xlink:type="locator"/>
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    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related-party balances and transactions [Abstract]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract" xlink:label="pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract" xlink:type="locator"/>
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    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related-party balances and transactions (Details Text)</link:label>
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    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Relatedparty Balances And Transactions Distribution Of Dividends</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Relatedparty Balances And Transactions Distribution Of Dividends</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Distribution of dividends</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Distribution of dividends</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Related-party balances and transactions - Distribution of dividends</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related-party balances and transactions - Distribution of dividends</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:label="pags_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:to="pags_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Related-party balances and transactions (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related-party balances and transactions (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Related-party balances and transactions (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related-party balances and transactions (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_RevenueAndIncomeAbstract" xlink:label="pags_RevenueAndIncomeAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_RevenueAndIncomeAbstract" xlink:to="pags_RevenueAndIncomeAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_RevenueAndIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Revenue And Income [Abstract]</link:label>
    <link:label xlink:label="pags_RevenueAndIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue And Income [Abstract]</link:label>
    <link:label xlink:label="pags_RevenueAndIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Revenue and Income</link:label>
    <link:label xlink:label="pags_RevenueAndIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue and Income</link:label>
    <link:label xlink:label="pags_RevenueAndIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Revenue and Income</link:label>
    <link:label xlink:label="pags_RevenueAndIncomeAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue and Income</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_RevenueArisingCustomersLocatedAbroad" xlink:label="pags_RevenueArisingCustomersLocatedAbroad" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_RevenueArisingCustomersLocatedAbroad" xlink:to="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Revenue Arising Customers Located Abroad</link:label>
    <link:label xlink:label="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue Arising Customers Located Abroad</link:label>
    <link:label xlink:label="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Revenue arising, customers located abroad</link:label>
    <link:label xlink:label="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue arising, customers located abroad</link:label>
    <link:label xlink:label="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Revenue arising, customers located abroad</link:label>
    <link:label xlink:label="pags_RevenueArisingCustomersLocatedAbroad_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue arising, customers located abroad</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ReverseShareSplitAxis" xlink:label="pags_ReverseShareSplitAxis" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ReverseShareSplitAxis" xlink:to="pags_ReverseShareSplitAxis_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ReverseShareSplitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reverse Share Split [Axis]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Share Split [Axis]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Reverse share split</link:label>
    <link:label xlink:label="pags_ReverseShareSplitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse share split</link:label>
    <link:label xlink:label="pags_ReverseShareSplitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Reverse share split [Axis]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reverse share split [Axis]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ReverseShareSplitDomain" xlink:label="pags_ReverseShareSplitDomain" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ReverseShareSplitDomain" xlink:to="pags_ReverseShareSplitDomain_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ReverseShareSplitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reverse Share Split [Domain]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Share Split [Domain]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Reverse share split</link:label>
    <link:label xlink:label="pags_ReverseShareSplitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reverse share split</link:label>
    <link:label xlink:label="pags_ReverseShareSplitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Reverse share split [Domain]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reverse share split [Domain]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember" xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember" xlink:type="locator"/>
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    <link:label xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reverse Share Split Share Capital Previously Represented [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Share Split Share Capital Previously Represented [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share capital previously represented [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital previously represented [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Reverse share split - Share capital previously represented [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reverse share split - Share capital previously represented [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ReverseShareSplitWasReducedMember" xlink:label="pags_ReverseShareSplitWasReducedMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ReverseShareSplitWasReducedMember" xlink:to="pags_ReverseShareSplitWasReducedMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ReverseShareSplitWasReducedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reverse Share Split Was Reduced [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitWasReducedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reverse Share Split Was Reduced [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitWasReducedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Was reduced</link:label>
    <link:label xlink:label="pags_ReverseShareSplitWasReducedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Was reduced</link:label>
    <link:label xlink:label="pags_ReverseShareSplitWasReducedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Reverse share split - Was reduced [Member]</link:label>
    <link:label xlink:label="pags_ReverseShareSplitWasReducedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reverse share split - Was reduced [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialCharges" xlink:label="pags_SalariesAndSocialCharges" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialCharges" xlink:to="pags_SalariesAndSocialCharges_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Total</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialChargesAbstract" xlink:label="pags_SalariesAndSocialChargesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesAbstract" xlink:to="pags_SalariesAndSocialChargesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries and social charges [Abstract]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries and social charges [Abstract]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges [Abstract]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesOther" xlink:to="pags_SalariesAndSocialChargesOther_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges Other</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges Other</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Other</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges - Other</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesOther_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges - Other</link:label>
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    <link:label xlink:label="pags_SalariesAndSocialChargesPayrollAccruals_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges Payroll Accruals</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesPayrollAccruals_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges Payroll Accruals</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesPayrollAccruals_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Payroll accruals</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesPayrollAccruals_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payroll accruals</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesPayrollAccruals_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges - Payroll accruals</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesPayrollAccruals_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges - Payroll accruals</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialChargesProfitSharing" xlink:label="pags_SalariesAndSocialChargesProfitSharing" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesProfitSharing" xlink:to="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges Profit Sharing</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges Profit Sharing</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Profit sharing</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit sharing</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges - Profit sharing</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesProfitSharing_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges - Profit sharing</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialChargesSalariesPayable" xlink:label="pags_SalariesAndSocialChargesSalariesPayable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesSalariesPayable" xlink:to="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges Salaries Payable</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges Salaries Payable</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Salaries payable</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Salaries payable</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges - Salaries payable</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSalariesPayable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges - Salaries payable</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialChargesSocialCharges" xlink:label="pags_SalariesAndSocialChargesSocialCharges" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesSocialCharges" xlink:to="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges Social Charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges Social Charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges - Social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesSocialCharges_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges - Social charges</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialChargesTablesAbstract" xlink:label="pags_SalariesAndSocialChargesTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesTablesAbstract" xlink:to="pags_SalariesAndSocialChargesTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries and social charges (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries and social charges (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges (Tables) [Abstract]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SalariesAndSocialChargesTextBlock" xlink:label="pags_SalariesAndSocialChargesTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SalariesAndSocialChargesTextBlock" xlink:to="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Salaries And Social Charges Text Block</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salaries And Social Charges Text Block</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Salaries and social charges</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Salaries and social charges [text block]</link:label>
    <link:label xlink:label="pags_SalariesAndSocialChargesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salaries and social charges [text block]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SegmentReportingAbstract" xlink:label="pags_SegmentReportingAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SegmentReportingAbstract" xlink:to="pags_SegmentReportingAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Segment reporting [Abstract]</link:label>
    <link:label xlink:label="pags_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment reporting [Abstract]</link:label>
    <link:label xlink:label="pags_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Segment reporting [Abstract]</link:label>
    <link:label xlink:label="pags_SegmentReportingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Segment reporting [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SegmentReportingDetailsTextAbstract" xlink:label="pags_SegmentReportingDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SegmentReportingDetailsTextAbstract" xlink:to="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Segment Reporting Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment Reporting Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Segment reporting (Details Text)</link:label>
    <link:label xlink:label="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segment reporting (Details Text)</link:label>
    <link:label xlink:label="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Segment reporting (Details Text)</link:label>
    <link:label xlink:label="pags_SegmentReportingDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Segment reporting (Details Text)</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ServicesTax" xlink:label="pags_ServicesTax" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ServicesTax" xlink:to="pags_ServicesTax_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Services Tax</link:label>
    <link:label xlink:label="pags_ServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services Tax</link:label>
    <link:label xlink:label="pags_ServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Services tax</link:label>
    <link:label xlink:label="pags_ServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Services tax</link:label>
    <link:label xlink:label="pags_ServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Services tax</link:label>
    <link:label xlink:label="pags_ServicesTax_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Services tax</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SettledInCashOnTheAcquisitionDate" xlink:label="pags_SettledInCashOnTheAcquisitionDate" xlink:type="locator"/>
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    <link:label xlink:label="pags_SettledInCashOnTheAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Settled In Cash On The Acquisition Date</link:label>
    <link:label xlink:label="pags_SettledInCashOnTheAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Settled In Cash On The Acquisition Date</link:label>
    <link:label xlink:label="pags_SettledInCashOnTheAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Settled in cash on the acquisition date</link:label>
    <link:label xlink:label="pags_SettledInCashOnTheAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settled in cash on the acquisition date</link:label>
    <link:label xlink:label="pags_SettledInCashOnTheAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Settled in cash on the acquisition date</link:label>
    <link:label xlink:label="pags_SettledInCashOnTheAcquisitionDate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Settled in cash on the acquisition date</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed" xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed" xlink:to="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Settlement Related To Interest On Own Capital That Was Distributed</link:label>
    <link:label xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Settlement Related To Interest On Own Capital That Was Distributed</link:label>
    <link:label xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Settlement related to interest on own capital that was distributed</link:label>
    <link:label xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Settlement related to interest on own capital that was distributed</link:label>
    <link:label xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Settlement related to interest on own capital that was distributed</link:label>
    <link:label xlink:label="pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Settlement related to interest on own capital that was distributed</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ShareCapitalAbstract" xlink:label="pags_ShareCapitalAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ShareCapitalAbstract" xlink:to="pags_ShareCapitalAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ShareCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Share Capital [Abstract]</link:label>
    <link:label xlink:label="pags_ShareCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Capital [Abstract]</link:label>
    <link:label xlink:label="pags_ShareCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ShareCapitalMember" xlink:label="pags_ShareCapitalMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ShareCapitalMember" xlink:to="pags_ShareCapitalMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Share Capital [Member]</link:label>
    <link:label xlink:label="pags_ShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Capital [Member]</link:label>
    <link:label xlink:label="pags_ShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Share capital [Member]</link:label>
    <link:label xlink:label="pags_ShareCapitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share capital [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ShareCapitalTextBlock" xlink:label="pags_ShareCapitalTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ShareCapitalTextBlock" xlink:to="pags_ShareCapitalTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ShareCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Share Capital Text Block</link:label>
    <link:label xlink:label="pags_ShareCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Capital Text Block</link:label>
    <link:label xlink:label="pags_ShareCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Share capital</link:label>
    <link:label xlink:label="pags_ShareCapitalTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SharesOfferedByPagseguroDigitalMember" xlink:label="pags_SharesOfferedByPagseguroDigitalMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SharesOfferedByPagseguroDigitalMember" xlink:to="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares Offered By Pagseguro Digital [Member]</link:label>
    <link:label xlink:label="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares Offered By Pagseguro Digital [Member]</link:label>
    <link:label xlink:label="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Shares offered by PagSeguro Digital</link:label>
    <link:label xlink:label="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares offered by PagSeguro Digital</link:label>
    <link:label xlink:label="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares offered by PagSeguro Digital [Member]</link:label>
    <link:label xlink:label="pags_SharesOfferedByPagseguroDigitalMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Shares offered by PagSeguro Digital [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SharesOutstanding" xlink:label="pags_SharesOutstanding" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SharesOutstanding" xlink:to="pags_SharesOutstanding_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares Outstanding</link:label>
    <link:label xlink:label="pags_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares Outstanding</link:label>
    <link:label xlink:label="pags_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Shares outstanding</link:label>
    <link:label xlink:label="pags_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares outstanding</link:label>
    <link:label xlink:label="pags_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares outstanding</link:label>
    <link:label xlink:label="pags_SharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Shares outstanding</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SharesWereOfferedByTheControllingShareholderUolMember" xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SharesWereOfferedByTheControllingShareholderUolMember" xlink:to="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares Were Offered By The Controlling Shareholder Uol [Member]</link:label>
    <link:label xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Shares Were Offered By The Controlling Shareholder Uol [Member]</link:label>
    <link:label xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Shares were offered by the controlling shareholder UOL</link:label>
    <link:label xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares were offered by the controlling shareholder UOL</link:label>
    <link:label xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares were offered by the controlling shareholder UOL [Member]</link:label>
    <link:label xlink:label="pags_SharesWereOfferedByTheControllingShareholderUolMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Shares were offered by the controlling shareholder UOL [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements" xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements" xlink:to="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Short Term Investments Refer To Two Repurchase Agreements</link:label>
    <link:label xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short Term Investments Refer To Two Repurchase Agreements</link:label>
    <link:label xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Short Term Investments Refer To Two Repurchase Agreements</link:label>
    <link:label xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short Term Investments Refer To Two Repurchase Agreements</link:label>
    <link:label xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Short Term Investments Refer To Two Repurchase Agreements</link:label>
    <link:label xlink:label="pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Short Term Investments Refer To Two Repurchase Agreements</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SignificantAccountingPoliciesPoliciesAbstract" xlink:label="pags_SignificantAccountingPoliciesPoliciesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SignificantAccountingPoliciesPoliciesAbstract" xlink:to="pags_SignificantAccountingPoliciesPoliciesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SignificantAccountingPoliciesPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Significant Accounting Policies (Policies) [Abstract]</link:label>
    <link:label xlink:label="pags_SignificantAccountingPoliciesPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies (Policies) [Abstract]</link:label>
    <link:label xlink:label="pags_SignificantAccountingPoliciesPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Significant Accounting Policies (Policies) [Abstract]</link:label>
    <link:label xlink:label="pags_SignificantAccountingPoliciesPoliciesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Significant Accounting Policies (Policies) [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SocialContributionOnRevenues" xlink:label="pags_SocialContributionOnRevenues" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SocialContributionOnRevenues" xlink:to="pags_SocialContributionOnRevenues_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Social Contribution On Revenues</link:label>
    <link:label xlink:label="pags_SocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Social Contribution On Revenues</link:label>
    <link:label xlink:label="pags_SocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Social contribution on revenues</link:label>
    <link:label xlink:label="pags_SocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Social contribution on revenues</link:label>
    <link:label xlink:label="pags_SocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Social contribution on revenues</link:label>
    <link:label xlink:label="pags_SocialContributionOnRevenues_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Social contribution on revenues</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SocialIntegrationProgram" xlink:label="pags_SocialIntegrationProgram" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SocialIntegrationProgram" xlink:to="pags_SocialIntegrationProgram_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Social Integration Program</link:label>
    <link:label xlink:label="pags_SocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Social Integration Program</link:label>
    <link:label xlink:label="pags_SocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Social integration program</link:label>
    <link:label xlink:label="pags_SocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Social integration program</link:label>
    <link:label xlink:label="pags_SocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Social integration program</link:label>
    <link:label xlink:label="pags_SocialIntegrationProgram_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Social integration program</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SoftwareMember" xlink:label="pags_SoftwareMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SoftwareMember" xlink:to="pags_SoftwareMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Software [Member]</link:label>
    <link:label xlink:label="pags_SoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Software [Member]</link:label>
    <link:label xlink:label="pags_SoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Costs are amortized, basis over the estimated useful life - Software</link:label>
    <link:label xlink:label="pags_SoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Costs are amortized, basis over the estimated useful life - Software</link:label>
    <link:label xlink:label="pags_SoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Software [Member]</link:label>
    <link:label xlink:label="pags_SoftwareMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Software [Member]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_StatementLineItems" xlink:label="pags_StatementLineItems" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_StatementLineItems" xlink:to="pags_StatementLineItems_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement Line Items [Line Items]</link:label>
    <link:label xlink:label="pags_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Line Items [Line Items]</link:label>
    <link:label xlink:label="pags_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Statement Line Items [Line Items]</link:label>
    <link:label xlink:label="pags_StatementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Statement Line Items [Line Items]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_StatementTable" xlink:label="pags_StatementTable" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_StatementTable" xlink:to="pags_StatementTable_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement Table [Table]</link:label>
    <link:label xlink:label="pags_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement Table [Table]</link:label>
    <link:label xlink:label="pags_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Statement Table [Table]</link:label>
    <link:label xlink:label="pags_StatementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Statement Table [Table]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_StatutoryRate" xlink:label="pags_StatutoryRate" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_StatutoryRate" xlink:to="pags_StatutoryRate_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_StatutoryRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statutory Rate</link:label>
    <link:label xlink:label="pags_StatutoryRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statutory Rate</link:label>
    <link:label xlink:label="pags_StatutoryRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Statutory rate</link:label>
    <link:label xlink:label="pags_StatutoryRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statutory rate</link:label>
    <link:label xlink:label="pags_StatutoryRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Statutory rate</link:label>
    <link:label xlink:label="pags_StatutoryRate_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Statutory rate</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsequentEventsAbstract" xlink:label="pags_SubsequentEventsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsequentEventsAbstract" xlink:to="pags_SubsequentEventsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsequent events [Abstract]</link:label>
    <link:label xlink:label="pags_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent events [Abstract]</link:label>
    <link:label xlink:label="pags_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsequent events [Abstract]</link:label>
    <link:label xlink:label="pags_SubsequentEventsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsequent events [Abstract]</link:label>
  </link:labelLink>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsequentEventsDetailsTextAbstract" xlink:label="pags_SubsequentEventsDetailsTextAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsequentEventsDetailsTextAbstract" xlink:to="pags_SubsequentEventsDetailsTextAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsequentEventsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsequent Events Details Text [Abstract]</link:label>
    <link:label xlink:label="pags_SubsequentEventsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Events Details Text [Abstract]</link:label>
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    <link:label xlink:label="pags_SubsequentEventsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent events (Details Text)</link:label>
    <link:label xlink:label="pags_SubsequentEventsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsequent events (Details Text)</link:label>
    <link:label xlink:label="pags_SubsequentEventsDetailsTextAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsequent events (Details Text)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsequentlyUolTransferredItsEquityInterestInBoaCompraToPagseguroBrazilAsCapitalContributionMember" xlink:to="pags_SubsequentlyUolTransferredItsEquityInterestInBoaCompraToPagseguroBrazilAsCapitalContributionMember_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_SubsequentlyUolTransferredItsEquityInterestInBoaCompraToPagseguroBrazilAsCapitalContributionMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsequently, UOL transferred its equity interest in Boa Compra to PagSeguro Brazil as a capital contribution [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiarieBcpsMember" xlink:to="pags_SubsidiarieBcpsMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsidiarieBcpsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiarie Bcps [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBcpsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie Bcps [Member]</link:label>
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    <link:label xlink:label="pags_SubsidiarieBcpsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BCPS</link:label>
    <link:label xlink:label="pags_SubsidiarieBcpsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsidiarie - BCPS [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBcpsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsidiarie - BCPS [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsidiarieBivaMember" xlink:label="pags_SubsidiarieBivaMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiarieBivaMember" xlink:to="pags_SubsidiarieBivaMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsidiarieBivaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiarie Biva [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBivaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie Biva [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBivaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">BIVA</link:label>
    <link:label xlink:label="pags_SubsidiarieBivaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BIVA</link:label>
    <link:label xlink:label="pags_SubsidiarieBivaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsidiarie - BIVA [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBivaMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsidiarie - BIVA [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsidiarieBoaCompraMember" xlink:label="pags_SubsidiarieBoaCompraMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiarieBoaCompraMember" xlink:to="pags_SubsidiarieBoaCompraMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsidiarieBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiarie Boa Compra [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie Boa Compra [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Boa Compra</link:label>
    <link:label xlink:label="pags_SubsidiarieBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Boa Compra</link:label>
    <link:label xlink:label="pags_SubsidiarieBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsidiarie - Boa Compra [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsidiarie - Boa Compra [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsidiarieFidcMember" xlink:label="pags_SubsidiarieFidcMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiarieFidcMember" xlink:to="pags_SubsidiarieFidcMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsidiarieFidcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiarie Fidc [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieFidcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie Fidc [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieFidcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">FIDC</link:label>
    <link:label xlink:label="pags_SubsidiarieFidcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FIDC</link:label>
    <link:label xlink:label="pags_SubsidiarieFidcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsidiarie - FIDC [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieFidcMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsidiarie - FIDC [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsidiarieNetPhoneMember" xlink:label="pags_SubsidiarieNetPhoneMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiarieNetPhoneMember" xlink:to="pags_SubsidiarieNetPhoneMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsidiarieNetPhoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiarie Net Phone [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieNetPhoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie Net Phone [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieNetPhoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">Net+Phone</link:label>
    <link:label xlink:label="pags_SubsidiarieNetPhoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net+Phone</link:label>
    <link:label xlink:label="pags_SubsidiarieNetPhoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subsidiarie - Net+Phone [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieNetPhoneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsidiarie - Net+Phone [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsidiariePagseguroBrazilMember" xlink:label="pags_SubsidiariePagseguroBrazilMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiariePagseguroBrazilMember" xlink:to="pags_SubsidiariePagseguroBrazilMember_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_SubsidiariePagseguroBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie Pagseguro Brazil [Member]</link:label>
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    <link:label xlink:label="pags_SubsidiariePagseguroBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PagSeguro Brazil</link:label>
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    <link:label xlink:label="pags_SubsidiariePagseguroBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subsidiarie - PagSeguro Brazil [Member]</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_SubsidiarieR2techMember" xlink:label="pags_SubsidiarieR2techMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_SubsidiarieR2techMember" xlink:to="pags_SubsidiarieR2techMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_SubsidiarieR2techMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subsidiarie R 2 tech [Member]</link:label>
    <link:label xlink:label="pags_SubsidiarieR2techMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiarie R 2 tech [Member]</link:label>
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    <link:label xlink:label="pags_SubsidiarieR2techMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">R2TECH</link:label>
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="pags-20171231.xsd#pags_TaxIncentivesLawRounetArt" xlink:label="pags_TaxIncentivesLawRounetArt" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TaxIncentivesLawRounetArt" xlink:to="pags_TaxIncentivesLawRounetArt_lbl" xlink:type="arc"/>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TaxesAbstract" xlink:label="pags_TaxesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TaxesAbstract" xlink:to="pags_TaxesAbstract_lbl" xlink:type="arc"/>
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    <link:label xlink:label="pags_TaxesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Taxes [Abstract]</link:label>
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    <link:label xlink:label="pags_TaxesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes</link:label>
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    <link:label xlink:label="pags_TaxesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Taxes</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TaxesAndContributionsAbstract" xlink:label="pags_TaxesAndContributionsAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TaxesAndContributionsAbstract" xlink:to="pags_TaxesAndContributionsAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_TaxesAndContributionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Taxes and contributions [Abstract]</link:label>
    <link:label xlink:label="pags_TaxesAndContributionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Taxes and contributions [Abstract]</link:label>
    <link:label xlink:label="pags_TaxesAndContributionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Taxes and contributions [Abstract]</link:label>
    <link:label xlink:label="pags_TaxesAndContributionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Taxes and contributions [Abstract]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TaxesAndContributionsTablesAbstract" xlink:label="pags_TaxesAndContributionsTablesAbstract" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TaxesAndContributionsTablesAbstract" xlink:to="pags_TaxesAndContributionsTablesAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_TaxesAndContributionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Taxes and contributions (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_TaxesAndContributionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Taxes and contributions (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_TaxesAndContributionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Taxes and contributions (Tables) [Abstract]</link:label>
    <link:label xlink:label="pags_TaxesAndContributionsTablesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Taxes and contributions (Tables) [Abstract]</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TechnologicalInovationMember" xlink:label="pags_TechnologicalInovationMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TechnologicalInovationMember" xlink:to="pags_TechnologicalInovationMember_lbl" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract" xlink:to="pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">The Assets And Liabilities Arising From The Acquisition [Abstract]</link:label>
    <link:label xlink:label="pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Assets And Liabilities Arising From The Acquisition [Abstract]</link:label>
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    <link:label xlink:label="pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The assets and liabilities arising from the acquisition</link:label>
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    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Changes In Cost And Accumulated Amortization Were As Follows Text Block</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">The changes in cost and accumulated amortization were as follows</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">The changes in cost and accumulated amortization were as follows</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The changes in cost and accumulated amortization were as follows</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The changes in cost and accumulated amortization were as follows</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock" xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock" xlink:to="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">The Changes In Cost And Accumulated Depreciation Were As Follows Text Block</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Changes In Cost And Accumulated Depreciation Were As Follows Text Block</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">The changes in cost and accumulated depreciation were as follows</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">The changes in cost and accumulated depreciation were as follows</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The changes in cost and accumulated depreciation were as follows</link:label>
    <link:label xlink:label="pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The changes in cost and accumulated depreciation were as follows</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TheConsiderationForThePurchase" xlink:label="pags_TheConsiderationForThePurchase" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_TheConsiderationForThePurchase" xlink:to="pags_TheConsiderationForThePurchase_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_TheConsiderationForThePurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">The Consideration For The Purchase</link:label>
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    <link:label xlink:label="pags_TheConsiderationForThePurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">The consideration for the purchase</link:label>
    <link:label xlink:label="pags_TheConsiderationForThePurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The consideration for the purchase</link:label>
    <link:label xlink:label="pags_TheConsiderationForThePurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The consideration for the purchase</link:label>
    <link:label xlink:label="pags_TheConsiderationForThePurchase_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The consideration for the purchase</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TheLegalReserveIsEstablishedPursuantToTheBylaws" xlink:label="pags_TheLegalReserveIsEstablishedPursuantToTheBylaws" xlink:type="locator"/>
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    <link:label xlink:label="pags_TheLegalReserveIsEstablishedPursuantToTheBylaws_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">The Legal Reserve Is Established Pursuant To The Bylaws</link:label>
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    <link:label xlink:label="pags_TheLegalReserveIsEstablishedPursuantToTheBylaws_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The legal reserve is established pursuant to the bylaws</link:label>
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    <link:label xlink:label="pags_TheLegalReserveIsEstablishedPursuantToTheBylaws_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The legal reserve is established pursuant to the bylaws</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_TheMaturityAnalysisOfNoteReceivablesTextBlock" xlink:label="pags_TheMaturityAnalysisOfNoteReceivablesTextBlock" xlink:type="locator"/>
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    <link:label xlink:label="pags_TheMaturityAnalysisOfNoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">The Maturity Analysis Of Note Receivables Text Block</link:label>
    <link:label xlink:label="pags_TheMaturityAnalysisOfNoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Maturity Analysis Of Note Receivables Text Block</link:label>
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    <link:label xlink:label="pags_TheMaturityAnalysisOfNoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">The maturity analysis of note receivables</link:label>
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    <link:label xlink:label="pags_TheMaturityAnalysisOfNoteReceivablesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The maturity analysis of note receivables</link:label>
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    <link:loc xlink:href="pags-20171231.xsd#pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember" xlink:label="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember" xlink:type="locator"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember" xlink:to="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember_lbl" xlink:type="arc"/>
    <link:label xlink:label="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">The Pagseguro Brazil Group Is Controlled By Uol Incorporated In Brazil [Member]</link:label>
    <link:label xlink:label="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Pagseguro Brazil Group Is Controlled By Uol Incorporated In Brazil [Member]</link:label>
    <link:label xlink:label="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">The PagSeguro Brazil Group is controlled by UOL (incorporated in Brazil)</link:label>
    <link:label xlink:label="pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The PagSeguro Brazil Group is controlled by UOL (incorporated in Brazil)</link:label>
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    <link:label xlink:label="pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The Shareholder Uol Increased The Pagseguro Brazil Share Capital</link:label>
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    <link:label xlink:label="pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The shareholder UOL increased the PagSeguro Brazil share capital</link:label>
    <link:label xlink:label="pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The shareholder UOL increased the PagSeguro Brazil share capital</link:label>
    <link:label xlink:label="pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The shareholder UOL increased the PagSeguro Brazil share capital</link:label>
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    <link:label xlink:label="pags_UbnInternetLtdaUbnSubsidiaryOfUolHasBecameTheOwnerOfBoaCompraMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UBN Internet Ltda. (&#x201C;UBN&#x201D;), a subsidiary of UOL, has became the owner of Boa Compra</link:label>
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    <link:label xlink:label="pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphoneShares_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en">UOL capitalized balances of related parties as a capital contribution, in Net+Phone - Shares</link:label>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6735230976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2017<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">PAGSEGURO DIGITAL LTD.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001712807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">262,288,607<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">No<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Document and Entity Information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</body>
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<SEQUENCE>29
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738267872">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated balance sheets - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 66,767<span></span>
</td>
<td class="nump">R$ 79,969<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Financial investments</a></td>
<td class="nump">210,103<span></span>
</td>
<td class="nump">131,239<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivables', window );">Note receivables</a></td>
<td class="nump">3,522,349<span></span>
</td>
<td class="nump">1,715,514<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">124,723<span></span>
</td>
<td class="nump">300,809<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">61,609<span></span>
</td>
<td class="nump">21,023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssets', window );">Taxes recoverable</a></td>
<td class="nump">14,446<span></span>
</td>
<td class="nump">17,703<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">27,956<span></span>
</td>
<td class="nump">4,495<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">4,027,953<span></span>
</td>
<td class="nump">2,270,752<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>NON-CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits', window );">Judicial deposits</a></td>
<td class="nump">872<span></span>
</td>
<td class="nump">534<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Prepaid expenses</a></td>
<td class="nump">160<span></span>
</td>
<td class="nump">146<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred income tax and social contribution</a></td>
<td class="nump">37,015<span></span>
</td>
<td class="nump">8,305<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">10,889<span></span>
</td>
<td class="nump">4,558<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">158,868<span></span>
</td>
<td class="nump">86,108<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">207,804<span></span>
</td>
<td class="nump">99,651<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">4,235,757<span></span>
</td>
<td class="nump">2,370,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PayablesToThirdParties', window );">Payables to third parties</a></td>
<td class="nump">3,080,569<span></span>
</td>
<td class="nump">1,304,031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">92,444<span></span>
</td>
<td class="nump">61,719<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Trade payables to related parties</a></td>
<td class="nump">39,101<span></span>
</td>
<td class="nump">76,249<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,613<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">205,204<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialCharges', window );">Salaries and social charges</a></td>
<td class="nump">34,269<span></span>
</td>
<td class="nump">20,269<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Taxes and contributions</a></td>
<td class="nump">52,064<span></span>
</td>
<td class="nump">6,911<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Provision for contingencies</a></td>
<td class="nump">4,648<span></span>
</td>
<td class="nump">680<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPayable', window );">Dividends payable and interest on own capital</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">22,243<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables</a></td>
<td class="nump">15,872<span></span>
</td>
<td class="nump">15,244<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">3,318,967<span></span>
</td>
<td class="nump">1,719,163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred income tax and social contribution</a></td>
<td class="nump">42,809<span></span>
</td>
<td class="nump">24,378<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayables', window );">Other payables</a></td>
<td class="nump">3,590<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Total non-current liabilities</a></td>
<td class="nump">46,399<span></span>
</td>
<td class="nump">24,378<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Share capital</a></td>
<td class="nump">524,577<span></span>
</td>
<td class="nump">524,577<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatutoryReserve', window );">Legal reserve</a></td>
<td class="nump">30,216<span></span>
</td>
<td class="nump">6,277<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityValuationAdjustments', window );">Equity valuation adjustments</a></td>
<td class="nump">55<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityProfitRetentionReserve', window );">Profit retention reserve</a></td>
<td class="nump">312,047<span></span>
</td>
<td class="nump">96,008<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">3,496<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">TOTAL EQUITY</a></td>
<td class="nump">870,391<span></span>
</td>
<td class="nump">626,862<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL LIABILITIES AND EQUITY</a></td>
<td class="nump">R$ 4,235,757<span></span>
</td>
<td class="nump">R$ 2,370,403<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of bank balances held at central banks other than mandatory reserve deposits. [Refer: Mandatory reserve deposits at central banks]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BankBalancesAtCentralBanksOtherThanMandatoryReserveDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The excess of amount paid for current tax in respect of current and prior periods over the amount due for those periods. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends payable by means of the distribution of non-cash assets to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRIC<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRIC&amp;num=17&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2017-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade payables and non-current other payables. [Refer: Other non-current payables; Non-current trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatutoryReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves created based on legal requirements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatutoryReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables due to related parties. [Refer: Related parties [member]; Payables to related parties]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityProfitRetentionReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>EQUITY - Profit retention reserve</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityProfitRetentionReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityValuationAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity valuation adjustments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityValuationAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PayablesToThirdParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payables to third parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PayablesToThirdParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6737829440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statements of income - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAndOperatingIncome', window );">Net revenue from transaction activities and other services</a></td>
<td class="nump">R$ 1,224,261<span></span>
</td>
<td class="nump">R$ 480,025<span></span>
</td>
<td class="nump">R$ 268,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoods', window );">Net revenue from sales</a></td>
<td class="nump">471,924<span></span>
</td>
<td class="nump">260,594<span></span>
</td>
<td class="nump">176,517<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="nump">818,624<span></span>
</td>
<td class="nump">392,429<span></span>
</td>
<td class="nump">219,462<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other financial income</a></td>
<td class="nump">8,576<span></span>
</td>
<td class="nump">5,337<span></span>
</td>
<td class="nump">10,744<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Total revenue and income</a></td>
<td class="nump">2,523,385<span></span>
</td>
<td class="nump">1,138,385<span></span>
</td>
<td class="nump">674,920<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="num">(1,324,380)<span></span>
</td>
<td class="num">(623,667)<span></span>
</td>
<td class="num">(382,483)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="num">(245,759)<span></span>
</td>
<td class="num">(199,937)<span></span>
</td>
<td class="num">(162,642)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="num">(153,177)<span></span>
</td>
<td class="num">(84,461)<span></span>
</td>
<td class="num">(61,129)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialExpenses', window );">Financial expenses</a></td>
<td class="num">(104,544)<span></span>
</td>
<td class="num">(68,301)<span></span>
</td>
<td class="num">(29,696)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other (expenses) income, net</a></td>
<td class="num">(12,021)<span></span>
</td>
<td class="num">(6,660)<span></span>
</td>
<td class="nump">1,345<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">PROFIT BEFORE INCOME TAXES</a></td>
<td class="nump">683,504<span></span>
</td>
<td class="nump">155,359<span></span>
</td>
<td class="nump">40,315<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current income tax and social contribution</a></td>
<td class="num">(214,988)<span></span>
</td>
<td class="num">(7,431)<span></span>
</td>
<td class="num">(2,587)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred income tax and social contribution</a></td>
<td class="nump">10,278<span></span>
</td>
<td class="num">(20,149)<span></span>
</td>
<td class="num">(2,239)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">INCOME TAX AND SOCIAL CONTRIBUTION</a></td>
<td class="num">(204,710)<span></span>
</td>
<td class="num">(27,580)<span></span>
</td>
<td class="num">(4,826)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">NET INCOME FOR THE YEAR</a></td>
<td class="nump">478,794<span></span>
</td>
<td class="nump">127,779<span></span>
</td>
<td class="nump">35,490<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Owners of the Company</a></td>
<td class="nump">478,781<span></span>
</td>
<td class="nump">127,186<span></span>
</td>
<td class="nump">35,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">R$ 13<span></span>
</td>
<td class="nump">R$ 593<span></span>
</td>
<td class="nump">R$ 406<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShareFromContinuingOperations', window );">Basic and diluted earnings per common share - R$</a></td>
<td class="nump">R$ 1.8254<span></span>
</td>
<td class="nump">R$ 0.4849<span></span>
</td>
<td class="nump">R$ 0.1338<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShareFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Basic earnings (loss) per share from continuing operations. [Refer: Basic earnings (loss) per share; Continuing operations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShareFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAndOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of the entity's revenue and other operating income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAndOperatingIncome</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoods</td>
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<tr>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingExpense</td>
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<tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_FinancialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">pags_FinancialExpenses</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6737823632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statements of comprehensive income - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">R$ 478,794<span></span>
</td>
<td class="nump">R$ 127,779<span></span>
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<td class="nump">R$ 35,490<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustment</a></td>
<td class="nump">55<span></span>
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<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
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<td class="nump">35,490<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_OwnersOfTheCompanyAbstract', window );"><strong>Owners of the Company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Net income for the year</a></td>
<td class="nump">478,836<span></span>
</td>
<td class="nump">127,186<span></span>
</td>
<td class="nump">35,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">13<span></span>
</td>
<td class="nump">593<span></span>
</td>
<td class="nump">406<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Net income for the year</a></td>
<td class="nump">R$ 478,849<span></span>
</td>
<td class="nump">R$ 127,779<span></span>
</td>
<td class="nump">R$ 35,490<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Owners of the Company</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_OwnersOfTheCompanyAbstract</td>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated statements of changes in equity - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
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<td class="nump">406<span></span>
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<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="num">(174)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(174)<span></span>
</td>
<td class="num">(174)<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,209<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">399,048<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">461,877<span></span>
</td>
<td class="nump">441,616<span></span>
</td>
<td class="nump">9,730<span></span>
</td>
<td class="nump">757<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">459,691<span></span>
</td>
<td class="nump">2,186<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfChangesInEquityLineItems', window );"><strong>Statement of changes in equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="nump">127,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">127,186<span></span>
</td>
<td class="nump">127,186<span></span>
</td>
<td class="nump">593<span></span>
</td>
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<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary', window );">Non-controlling acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,779<span></span>
</td>
<td class="nump">2,779<span></span>
</td>
<td class="num">(2,779)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Capital increase</a></td>
<td class="nump">63,264<span></span>
</td>
<td class="nump">26,610<span></span>
</td>
<td class="nump">36,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">63,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PayoutCapitalization', window );">Payout capitalization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">56,351<span></span>
</td>
<td class="num">R$ (46,384)<span></span>
</td>
<td class="num">(267)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,539<span></span>
</td>
<td class="num">(14,239)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConstitutionOfLegalReserve', window );">Constitution of legal reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,787<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,787)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DistributionOfInterestOnOwnCapital', window );">Distribution of interest on own capital</a></td>
<td class="num">(26,059)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(26,059)<span></span>
</td>
<td class="num">(26,059)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProfitRetentionReserve', window );">Profit retention reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,881<span></span>
</td>
<td class="num">(83,881)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2016</a></td>
<td class="nump">626,862<span></span>
</td>
<td class="nump">524,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">96,008<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">626,862<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfChangesInEquityLineItems', window );"><strong>Statement of changes in equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProfitLossNetIncomeForTheYear', window );">Net income for the year</a></td>
<td class="nump">478,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">478,781<span></span>
</td>
<td class="nump">478,781<span></span>
</td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustment</a></td>
<td class="nump">55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoncontrollingAcquisition', window );">Non-controlling acquisition</a></td>
<td class="nump">3,483<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,483<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConstitutionOfLegalReserve', window );">Constitution of legal reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,939<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,939)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Distribution of dividends</a></td>
<td class="num">(238,803)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(96,008)<span></span>
</td>
<td class="num">(142,795)<span></span>
</td>
<td class="num">(238,803)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProfitRetentionReserve', window );">Profit retention reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">312,047<span></span>
</td>
<td class="num">R$ (312,047)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2017</a></td>
<td class="nump">R$ 870,391<span></span>
</td>
<td class="nump">R$ 524,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 30,216<span></span>
</td>
<td class="nump">R$ 55<span></span>
</td>
<td class="nump">R$ 312,047<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 866,895<span></span>
</td>
<td class="nump">R$ 3,496<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the acquisition of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfChangesInEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfChangesInEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ConstitutionOfLegalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Constitution of legal reserve</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ConstitutionOfLegalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DistributionOfInterestOnOwnCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Distribution of interest on own capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DistributionOfInterestOnOwnCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_NoncontrollingAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-controlling acquisition</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_NoncontrollingAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PayoutCapitalization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payout capitalization</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PayoutCapitalization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProfitLossNetIncomeForTheYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Profit (loss) - Net income for the year</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProfitLossNetIncomeForTheYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProfitRetentionReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Profit retention reserve</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProfitRetentionReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ReclassificationOfNetParentInvestmentInConnectionWithSeparation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reclassification of net parent investment in connection with separation</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ReclassificationOfNetParentInvestmentInConnectionWithSeparation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738074832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statements of cash flows - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit before income taxes</a></td>
<td class="nump">R$ 683,504<span></span>
</td>
<td class="nump">R$ 155,359<span></span>
</td>
<td class="nump">R$ 40,315<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesRevenuesNotAffectingCashAbstract', window );"><strong>Expenses (revenues) not affecting cash:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">51,571<span></span>
</td>
<td class="nump">31,246<span></span>
</td>
<td class="nump">18,933<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_LossOfFixedAssetsSold', window );">Loss of fixed assets sold</a></td>
<td class="nump">49<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesRevenuesNotAffectingCashChargebacks', window );">Chargebacks</a></td>
<td class="nump">47,854<span></span>
</td>
<td class="nump">31,557<span></span>
</td>
<td class="nump">27,490<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesRevenuesNotAffectingCashAccrualreversalOfProvisionForContingencies', window );">Accrual/(reversal) of provision for contingencies</a></td>
<td class="nump">3,538<span></span>
</td>
<td class="nump">603<span></span>
</td>
<td class="num">(2,134)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesRevenuesNotAffectingCashUnrealizedLossOnDerivativeInstruments', window );">Unrealized loss on derivative instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,613<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Other financial cost, net</a></td>
<td class="nump">660<span></span>
</td>
<td class="nump">5,549<span></span>
</td>
<td class="num">(3,902)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInOperatingAssetsAndLiabilitiesAbstract', window );"><strong>Changes in operating assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Note receivables</a></td>
<td class="num">(2,060,875)<span></span>
</td>
<td class="num">(783,954)<span></span>
</td>
<td class="num">(552,984)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(40,586)<span></span>
</td>
<td class="nump">20,181<span></span>
</td>
<td class="num">(25,090)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Taxes recoverable</a></td>
<td class="nump">8,055<span></span>
</td>
<td class="nump">8,579<span></span>
</td>
<td class="nump">4,760<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables', window );">Other receivables</a></td>
<td class="num">(23,495)<span></span>
</td>
<td class="nump">17,214<span></span>
</td>
<td class="num">(16,912)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables', window );">Other payables</a></td>
<td class="num">(2,046)<span></span>
</td>
<td class="nump">13,491<span></span>
</td>
<td class="num">(2,222)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">1,776,538<span></span>
</td>
<td class="nump">620,940<span></span>
</td>
<td class="nump">313,958<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade payables</a></td>
<td class="nump">29,531<span></span>
</td>
<td class="nump">25,430<span></span>
</td>
<td class="nump">31,836<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInOperatingAssetsAndLiabilitiesReceivablesFromPayablesToRelatedParties', window );">Receivables from (payables to) related parties</a></td>
<td class="num">(64,400)<span></span>
</td>
<td class="num">(214,549)<span></span>
</td>
<td class="nump">121,467<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInOperatingAssetsAndLiabilitiesSalariesAndSocialCharges', window );">Salaries and social charges</a></td>
<td class="nump">13,341<span></span>
</td>
<td class="nump">6,618<span></span>
</td>
<td class="nump">13,275<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities', window );">Taxes and contributions</a></td>
<td class="num">(3,109)<span></span>
</td>
<td class="nump">3,867<span></span>
</td>
<td class="nump">150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AdjustmentsForIncreaseDecreaseInContingencies', window );">Provision for contingencies</a></td>
<td class="nump">486<span></span>
</td>
<td class="num">(42)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NetChangesInOperatingAssetsAndLiabilities', window );">Net Changes in operating assets and liabilities</a></td>
<td class="nump">420,616<span></span>
</td>
<td class="num">(51,298)<span></span>
</td>
<td class="num">(31,061)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities', window );">Income tax and social contribution paid</a></td>
<td class="num">(166,389)<span></span>
</td>
<td class="num">(18,059)<span></span>
</td>
<td class="num">(2,690)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities', window );">Interest income received</a></td>
<td class="nump">208,563<span></span>
</td>
<td class="nump">146,346<span></span>
</td>
<td class="nump">81,349<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid</a></td>
<td class="num">(9,175)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">NET CASH PROVIDED BY OPERATING ACTIVITIES</a></td>
<td class="nump">453,615<span></span>
</td>
<td class="nump">76,989<span></span>
</td>
<td class="nump">47,598<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired', window );">Amounts paid for business acquisitions, net of cash acquired</a></td>
<td class="num">(22,225)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchases of property and equipment</a></td>
<td class="num">(7,873)<span></span>
</td>
<td class="num">(1,996)<span></span>
</td>
<td class="num">(3,219)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Purchases and development of intangible assets</a></td>
<td class="num">(99,673)<span></span>
</td>
<td class="num">(70,394)<span></span>
</td>
<td class="num">(38,880)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments', window );">Acquisition of financial investments</a></td>
<td class="num">(209,569)<span></span>
</td>
<td class="num">(337,098)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments', window );">Redemption of financial investments</a></td>
<td class="nump">132,107<span></span>
</td>
<td class="nump">206,190<span></span>
</td>
<td class="nump">190<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">NET CASH USED IN INVESTING ACTIVITIES</a></td>
<td class="num">(207,233)<span></span>
</td>
<td class="num">(203,298)<span></span>
</td>
<td class="num">(41,909)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">199,390<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings</a></td>
<td class="num">(199,480)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments', window );">Payment of derivative financial instruments</a></td>
<td class="num">(5,831)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashFlowsFromFinancingActivitiesDistributionOfDividends', window );">Distribution of dividends</a></td>
<td class="num">(54,273)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES</a></td>
<td class="num">(259,584)<span></span>
</td>
<td class="nump">199,390<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</a></td>
<td class="num">(13,202)<span></span>
</td>
<td class="nump">73,081<span></span>
</td>
<td class="nump">5,689<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="nump">79,969<span></span>
</td>
<td class="nump">6,888<span></span>
</td>
<td class="nump">1,199<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="nump">R$ 66,767<span></span>
</td>
<td class="nump">R$ 79,969<span></span>
</td>
<td class="nump">R$ 6,888<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other operating payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for income taxes paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from income taxes refunded, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AdjustmentsForIncreaseDecreaseInContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments For Increase Decrease In Contingencies</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AdjustmentsForIncreaseDecreaseInContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts paid for business acquisitions, net of cash acquired</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AmountsPaidForBusinessAcquisitionsNetOfCashAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CashFlowsFromFinancingActivitiesDistributionOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>CASH FLOWS FROM FINANCING ACTIVITIES - Distribution of dividends</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CashFlowsFromFinancingActivitiesDistributionOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>CASH FLOWS FROM FINANCING ACTIVITIES - Payment of derivative financial instruments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CashFlowsFromFinancingActivitiesPaymentOfDerivativeFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>CASH FLOWS FROM INVESTING ACTIVITIES - Acquisition of financial investments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CashFlowsFromInvestingActivitiesAcquisitionOfFinancialInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CashFlowsFromInvestingActivitiesRedemptionOfFinancialInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>CASH FLOWS FROM INVESTING ACTIVITIES - Redemption of financial investments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in operating assets and liabilities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in operating assets and liabilities - Receivables from (payables to) related parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in operating assets and liabilities - Salaries and social charges</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses (revenues) not affecting Expenses (revenues) not affecting cash:</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses (revenues) not affecting cash - Accrual/(reversal) of provision for contingencies</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses (revenues) not affecting cash - Unrealized loss on derivative instruments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss of fixed assets sold</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net Changes in operating assets and liabilities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725570416">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GeneralInformationAbstract', window );"><strong>General information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">General information</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;text-indent:-.25in;"><b><font color="windowtext" lang="PT-BR" style="font-family:Times,serif;font-size:14.0pt;">1.</font></b><b><font color="windowtext" lang="PT-BR" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160; </font></b><b><font color="windowtext" lang="PT-BR" style="font-family:Times,serif;font-size:14.0pt;">General information</font></b></h1> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Digital Ltd. </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(&#8220;PagSeguro Digital&#8221;), a subsidiary of Universo Online S.A. (&#8220;UOL&#8221;), referred to together with its subsidiaries as &#8220;PagSeguro Group&#8221;, was incorporated on July&#160;19, 2017. As described in Note 8 - Subsequent events, on January&#160;4, 2018, Pagseguro Internet S.A. (&#8220;PagSeguro Brazil&#8221;) was contributed to PagSeguro Digital, PagSeguro Brazil no longer presents consolidated financial statements. PagSeguro Digital has control of 99.99% of the shares of PagSeguro Brazil. Refer to Note 8 for further details. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Brazil is a privately-held corporation established on January&#160;20, 2006, headquartered in the city of S&#227;o Paulo, Brazil, and engaged in providing financial technology solutions and services and the corresponding related activities, focused principally on micro-merchants and small and medium-sized businesses (&#8220;SMEs&#8221;). </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">The PagSeguro Brazil&#39;s subsidiaries are Net+Phone Telecomunica&#231;&#245;es Ltda. (&#8220;Net+Phone&#8221;), Boa Compra Ltda. (&#8220;Boa Compra&#8221;), BCPS Online Services LDA. (&#8220;BCPS&#8221;), R2TECH Inform&#225;tica S.A. (&#8220;R2TECH&#8221;), BIVACO Holding S.A (&#8220;BIVA&#8221;) and Fundo de Investimento em Direitos Credit&#243;rios - PagSeguro (&#8220;FIDC&#8221;), for which the operations are described in note 4. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements include PagSeguro Brazil and its subsidiaries Net+Phone and Boa Compra, which are under entities under common control and were transferred to PagSeguro Brazil from its parent UOL on July&#160;29, 2016 and were accounted for retrospectively in these consolidated financial statements at UOL&#39;s carrying amounts. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Additionally, UOL transferred net assets of its business related to the payment operations on August&#160;1, 2015, which were also accounted for retrospectively as a transfer between entities under common control. For periods prior to the transfer date, the operations included in these consolidated financial statements were on a carve-out basis, and reflect an allocation of UOL costs using methods that the PagSeguro Group believes is reasonable. See details in Note 9. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On August&#160;1, 2017, PagSeguro Brazil carried out a reverse share split of 2:1 shares which was approved and effective at the same date. As a consequence of the reverse share split, the share capital previously represented by 524,577,214 common shares, was reduced to 262,288,607 common shares. </font><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">The reverse share split was accounted retrospectively (Note 19). </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 51<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>General information [Abstract]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725582688">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesAbstract', window );"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Presentation and preparation of the consolidated financial statements and significant accounting policies</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">2. </font></b><b><font color="windowtext" lang="PT-BR" style="font-family:Times,serif;font-size:14.0pt;">Presentation and preparation of the consolidated financial statements and significant accounting policies</font></b></h1> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.1 Preparation and presentation of the consolidated financial statements</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements include the financial statements of PagSeguro Digital and its subsidiaries, which are all under common control and were prepared exclusively for the purpose of presenting, on a comparative basis, operations in a consolidated manner, for the years ended December&#160;31, 2017, 2016 and 2015. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The consolidated financial statements include the carve-out of PagSeguro Brazil operations for the periods prior to August&#160;1, 2015, when its activities were still recorded in UOL&#39;s financial statements. These financial statements, which have been derived from UOL&#39;s accounting records, do not necessarily reflect PagSeguro Brazil financial position, results of operations, or cash flows that would have been recorded had PagSeguro Brazil been operating as a separate entity. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">From January&#160;1, 2015 through July&#160;31, 2015, when the PagSeguro Brazil financial statements were prepared on a carve out basis, certain assets and liabilities, revenues, costs and expenses directly related to the payment operations were controlled separately. Additionally, other indirect corporate expenses recorded at UOL were allocated to these carve-out financial statements based on assumptions that management believes are reasonable. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). The consolidated financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the PagSeguro Group&#39;s functional currency. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The consolidated financial statements have been prepared under the historical cost convention, which is modified for certain financial assets and liabilities (including derivative instruments) measured at fair value. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying PagSeguro Group&#39;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group has adopted all pronouncements and interpretations issued by IASB that were in effect at December&#160;31, 2017. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements for the years ended December&#160;31, 2017, 2016 and 2015 were approved by PagSeguro Group&#39;s Board of Directors at a meeting held on March 07, 2018. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.2 Consolidation</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Consolidated financial statements </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group consolidates all entities over which it has control, when it is exposed or has rights to variable returns on its interest in the investee, and has the ability to govern the investee&#39;s relevant activities. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The subsidiaries included in the consolidation are described in Note 4. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsidiaries </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsidiaries are all entities over which PagSeguro Digital has control. Subsidiaries are fully consolidated from the date on which control is transferred to PagSeguro Digital. They are deconsolidated from the date that control ceases. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Identifiable assets acquired and liabilities and contingent liabilities assumed for the acquisition of subsidiaries in a business combination are measured initially at their fair values at the acquisition date.PagSeguro Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest&#39;s proportionate share of the fair value of the acquiree&#39;s identifiable net assets. Non-controlling interests are determined on each acquisition. Acquisition-related costs are accounted for in the statement of income as incurred. These accounting practices do not apply to transactions under common control. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Transactions, balances and unrealized gains on intercompany transactions are eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the asset transferred. The accounting policies of the subsidiaries are changed, where necessary, to ensure consistency with the policies adopted by PagSeguro Group. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.3 Foreign currency translation</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or the dates of valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.4 Cash and cash equivalents</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and cash equivalents are held for the purpose of meeting short-term cash needs and not for investment or any other purposes. PagSeguro Group classifies as cash equivalents a financial investment that can be immediately converted into a known amount of cash and is subject to immaterial risk of change in value. PagSeguro Group classifies financial instruments with original maturities of three months or less as cash equivalents. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.5 Financial instruments - initial recognition and subsequent measurement</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">i) Financial assets </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Initial recognition and measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets are classified in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. PagSeguro Group does not classify its financial assets as held-to-maturity or available-for-sale. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives are also categorized as measured at fair value through profit or loss unless they are designated as hedges. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the statement of income. Financial assets include cash and cash equivalents, current financial investments, note receivables, receivables from related parties, and other receivables. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsequent measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The subsequent measurement of financial assets depends on their classification, which may be as follows: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Loans and receivables </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Loans and receivables are carried at amortized cost using the effective interest rate method. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets at fair value through profit or loss </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets at fair value through profit or loss are presented at fair value in the balance sheet, with the corresponding gains or losses recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group values its financial assets at fair value through profit or loss, as it intends to trade them within a short period of time. Reclassification to loans and receivables, available-for-sale financial assets or held-to-maturity investments depends on the nature of the asset. This valuation does not affect any financial assets designated at fair value through profit or loss at initial recognition, which cannot be subsequently reclassified. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derecognition </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A financial asset or, where applicable, a part of a financial asset or part of a group of similar financial assets, is derecognized when: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font></p> </td> <td valign="top" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">The rights to receive cash flows from the asset expire; </font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font></p> </td> <td valign="top" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group transfers its rights to receive cash flows from the asset, or assumes an obligation to pay the received cash flows in full to a third party under a &#8220;pass-through&#8221; arrangement; and (a)&#160;transfers virtually all the risks and benefits of the asset, or (b)&#160;neither transfers nor retains virtually all the risks and benefits of the asset, but transfers control of the asset. </font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">When PagSeguro Group has transferred its rights to receive cash flows from an asset and has not transferred or retained substantially all the risks and benefits of the asset, this asset is recognized to the extent of PagSeguro Group&#39;s continuing involvement in the asset. In such case, PagSeguro Group also recognizes an associated liability. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that PagSeguro Group has retained. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of the consideration that PagSeguro Group may be required to repay. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">ii) Impairment of financial assets </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group assesses, at the balance sheet date, if there is objective evidence that a financial asset or a group of financial assets is impaired. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of&#160;impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;) and that loss&#160;event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be&#160;reliably estimated. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Evidence of impairment may include indication that the debtors are experiencing significant financial difficulty, probability that the debtor will enter bankruptcy or other financial reorganization, default or delinquency in interest or principal payments, and indication of a substantial decline in the estimated future cash flows, such as changes in maturity dates or economic conditions related to default. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">iii) Financial liabilities </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Initial recognition and measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities are classified as financial liabilities at fair value through profit or loss, other financial liabilities, or as derivatives&#160;designated used for hedge, when appropriate. PagSeguro Group determines the classification of its financial liabilities at initial&#160;recognition. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities are initially recognized at fair value and, in the case of other financial liabilities, plus directly related transaction&#160;costs. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities include payables to third parties, payables to third parties of related parties, trade payables, trade payables of related parties, borrowings, and other payables. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsequent measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The subsequent measurement of financial liabilities depends on their classification, which may be as follows: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities at fair value through profit or loss </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities and financial liabilities designated at fair value through profit or loss at initial recognition. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities are classified as held-for-trading if acquired for sale in the short term. This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gains and losses on held-for-trading liabilities are recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Other financial liabilities </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost, using the effective interest rate method, and are recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. 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If not, they are presented as non-current assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The provision for impairment of note receivables, however based on PagSeguro Brazil&#39;s risk assessment the need of provision is immaterial because the note receivables are mainly comprised of transactions approved by large financial institutions that have a low level risk based on ratings received from major credit rating agencies. Additionally, these financial institutions are the legal obligors to the note receivables. See Note 24. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note receivables are initially recorded at the present value of expected future cash flows. 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All other repairs and maintenance expenses are charged to the statement of income during the year in which they are incurred. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The assets&#39; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate. 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style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="3" valign="bottom" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Data processing equipment</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,5 to 5</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,5 to 5</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Furniture and fittings</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Facilities</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Leasehold improvements</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> 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These costs are amortized on the straight-line basis over the estimated useful life of the software (three to five years). </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by PagSeguro Group are recognized as intangible assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Directly attributable costs, which are capitalized as part of the software product, include costs incurred with employees and expenses allocated to software development. 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The net sales price is determined, whenever possible, based on a firm sales contract entered into on an arm&#39;s length basis, between well-informed and willing parties, adjusted by expenses attributable to the asset sale, or, when there is no firm sales contract, based on the price in an active market, or the most recent transaction price for similar assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group annually assesses whether there is any indication that a previously recognized impairment loss no longer exists or has decreased. If there is such indication, the asset&#39;s recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&#39;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the asset&#39;s carrying amount does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized for the asset in prior years. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.11 Payables to third parties</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Payables to third parties refer to funds payable and amounts due to merchants that use PagSeguro Brazil platform. PagSeguro Group recognizes the fair value of the transaction which is the transaction amount, net of the transaction cost. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.12 Provisions</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Provisions are recognized when PagSeguro Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. When PagSeguro Group expects the value of a provision to be reimbursed, in whole or in part, for example, due to an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Expenses associated with any provisions are presented in the statement of income, net of any reimbursements. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group is a party to legal and administrative proceedings. Provisions are established for all contingencies referring to lawsuits for which it is probable that an outflow of funds will be necessary to settle the contingency/obligation and a reasonable estimate can be made. 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Revenues from fees charged for intermediation of electronic payments are recognized on a gross basis and related transaction costs are recognized as Cost of sales and services, since PagSeguro Group is considered to be the principal in the intermediation transaction. 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Any amount that exceeds the minimum required is only accrued on the date such distribution is approved by the shareholders at a General Meeting. However, these provisions do not exist under PagSeguro Digital Memorandum of Association. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The tax benefit of interest on own capital is recognized in the statement of income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.15 Current and deferred income tax and social contribution</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Current income tax and social contribution </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Tax assets and liabilities for the current year are calculated based on the expected recoverable amount or the amount payable to the tax authorities. The tax rates and tax laws used to calculate the amount are those enacted or substantively enacted at the balance sheet date in the countries where PagSeguro Group operates and generates taxable income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Current income tax and social contribution related to items recognized directly in equity are recognized in equity. PagSeguro Group periodically evaluates the tax positions involving interpretation of tax regulations and establishes provisions when appropriate. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred taxes </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred taxes arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts at the balance sheet date. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax liabilities are recognized for all taxable temporary differences, except in the following situations: </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit; </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On temporary tax differences related to investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax assets are recognized on all deductible temporary differences and tax loss carryforwards, to the extent that it is probable that taxable profit will be available against which they can be offset, except when the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss; and </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax assets are recognized on the deductible temporary differences associated with investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary differences can be utilized.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The carrying amount of deferred tax assets is reviewed at each balance sheet date and a deferred tax asset is recognized to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reviewed, at each balance sheet date, and recognized to the extent that it is probable that future taxable profit will be available to allow their utilization. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Based on the local law of Cayman (The Companies Law of 1960), there is no taxation on the income earned in the companies based in this locality, therefore, we do not have tax impacts for the PagSeguro Digital. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the subsidiaries of PagSeguro Digital, deferred tax assets and liabilities are measured using the prevailing tax rates in the year in which the assets will be realized and the liabilities will be settled. 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The assets acquired, and liabilities assumed are measured at fair value, classified and allocated according to the contractual terms, economic circumstances and relevant conditions on the acquisition date. Goodwill is measured as the excess of the consideration transferred over the fair value of net assets acquired. If the consideration transferred is smaller than the fair value of net assets acquired, the difference is recognized as a gain on bargain purchase in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.18 New standards not yet effective</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following new standards have been issued by IASB, but are not effective for 2017: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">IFRS 16 - &#8220;Leases&#8221; - this new standard requires lessees to recognize the liability of the future payments and the right of use of the leased asset for virtually all lease contracts, including operating leases. Certain short-term and low-value contracts may be out of the scope of this new standard. The criteria for recognition and measurement of leases in the financial statements of the lessors are substantially maintained. IFRS 16 is effective for years beginning on or after January&#160;1, 2019 and replaces IAS 17 - &#8220;Leases&#8221; and related interpretations. 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The complete version of IFRS 9 was issued in July 2014 and is effective as from January&#160;1, 2018. It replaces the guidance included in IAS 39 related to the classification and measurement of financial instruments. The main amendments brought by IFRS 9 are: (i)&#160;new criteria for the classification of financial assets; (ii)&#160;new impairment model for financial assets, which is based on expected losses, replacing the current model of incurred losses; and (iii) relaxation of the new requirements for the adoption of hedge accounting. Management evaluated the new guidelines introduced by IFRS 9 and did not identify any material impact for PagSeguro Group. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">IFRS 15 - &#8220;Revenue from Contracts with Customers&#8221;: this new standard introduces the principles to be applied by an entity to determine the measurement and recognition of revenue. This standard is based on the principle that revenue is recognized when control of a good or service is transferred to a customer, and, therefore, the principle of control will replace the principle of risks and benefits. This standard will replace IAS 11 - &#8220;Construction Contracts&#8221;, IAS 18 - &#8220;Revenues&#8221; and related interpretations, and becomes effective on January&#160;1, 2018. Management evaluated the new guidelines introduced by IFRS 15 and did not identify any material impact for PagSeguro Group. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Therefore, changes to standards or new pronouncements applicable to the years presented in the consolidated financial statements were not relevant to PagSeguro Group, for retrospective disclosure and disclosure of amounts. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant accounting policies applied by the entity.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Presentation and preparation of the consolidated financial statements and significant accounting policies [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Critical accounting estimates and judgments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CriticalAccountingEstimatesAndJudgmentsAbstract', window );"><strong>Critical accounting estimates and judgments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Critical accounting estimates and judgments</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">3. Critical accounting estimates and judgments</font></b></h1> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Accounting estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Based on assumptions, PagSeguro Group makes estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(a)</font></b></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Estimated useful life of intangible assets </font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group uses an estimated useful life to calculate and record the amortization applied to its intangible assets which may differ from the actual term over which the intangible assets are expected to generate benefits for PagSeguro Group. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The amortization of software usage rights is defined based on the effective period of the license contracted. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The amortization of internally developed software is defined based on the period over which the software will generate future economic benefits. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(b)</font></b></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred income tax and social contribution </font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group recognizes deferred income tax and social contribution based on future taxable profit estimates for the next ten years. These projections are periodically reviewed and approved by management. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(c)</font></b></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Provision for contingencies </font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group recognizes provisions for civil and labor suits. 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Critical accounting estimates and judgments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725583488">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidation of subsidiaries<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory', window );">Consolidation of subsidiaries</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">4. 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0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">At&#160;December&#160;31,&#160;2017</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td nowrap="nowrap" valign="bottom" width="53%" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Company</font></b></p> </div> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font 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valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">866,988</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">99.99</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">8. Note receivables</font></b></h1> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="47%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="47%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 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style="font-family:Times New Roman,serif;font-size:10.0pt;">Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa or Mastercard. 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width="83%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Due within 121 to 180 days</font></p> </td> <td valign="bottom" width="2%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">114,953</font></p> </td> <td 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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">9. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business combinations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BusinessCombinationsAbstract', window );"><strong>Business combinations [Abstract]</strong></a></td>
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Business combinations</font></b></h1> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The acquisitions described below are in accordance with PagSeguro&#39;s Digital business strategies, as well as the products offered by them and their client portfolio. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="73%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 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style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Property, plant and equipment and intangible assets</font></p> </td> <td valign="bottom" width="4%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">643</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> 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valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">11. 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valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">5,910</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="79%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Furniture and fittings</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td 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valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">4,294</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">331</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">30</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">90</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10,889</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="53%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table> </div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p><span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PropertyAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property and equipment [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PropertyAndEquipmentAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725689392">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">Intangible assets</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">12. Intangible assets</font></b></h1> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(a)</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Intangible assets are composed as follows: </font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="78%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="78%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="10" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31, 2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="78%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p 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style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">23,686</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">23,686</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> 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style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">7,467</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Payables to third parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PayablesToThirdPartiesAbstract', window );"><strong>Payables to third parties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfPayablesToThirdPartiesTextBlock', window );">Payables to third parties</a></td>
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lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Borrowings<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">14. Borrowings&#160;</font></b></h1> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="44%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and social charges<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="88%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provision for contingencies<br></strong></div></th>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax and social contribution<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">469</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">284</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,606</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p 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Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="67%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Asset</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Liability</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Asset</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Liability</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="67%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2017</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">940</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(8,126</font></p> </td> 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style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">8,895</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(8,126</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="67%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2019</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">4,040</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(18,008</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">940</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(8,126</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="67%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2020</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,111</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(2,454</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">940</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="67%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="69%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="10" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December, 31</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="69%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity<br></strong></div></th>
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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share<br></strong></div></th>
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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">20. 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Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">655,153</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gross financial income (i)</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">858,410</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 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1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total gross revenue and income</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Expenses by nature<br></strong></div></th>
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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">22. 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style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(105,794</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" 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Roman,serif;font-size:10.0pt;">(27,490</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="75%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Depreciation and amortization (iii)</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(51,571</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments by category<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">Financial instruments by category</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">23. 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0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial investments</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725570416">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract', window );"><strong>Financial risk management [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">Financial risk management</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">24. Financial risk management</font></b></h1> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group activities expose it to a variety of financial risks: market risk (including currency risk and cash flow or fair value interest rate risk), fraud risk (chargebacks), credit risk and liquidity risk. PagSeguro Group&#39;s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on PagSeguro Group&#39;s financial performance. PagSeguro Group uses derivative financial instruments to hedge certain risk exposures. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Among the main market risk factors that may affect PagSeguro Group&#39;s business are the following ones: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(i)</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign exchange risk </font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity&#39;s functional currency. As of December&#160;31, 2016, PagSeguro Group had borrowings denominated in foreign currency which are linked to derivatives (swaps). </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In accordance with management&#39;s policies, derivative transactions are allowed, as long as they are hedged by a swap entered into with prime financial institutions, for the sole purpose of hedging against risks of fluctuation in exchange or interest rates. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The amounts 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style="page-break-inside:avoid;"> <td valign="bottom" width="71%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="10" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31, 2016</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="71%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Maturity</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" 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style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">January&#160;2017</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="71%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times 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associated with borrowings by the CDI. 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0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Capital management<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CapitalManagementAbstract', window );"><strong>Capital management [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfCapitalManagementTextBlock', window );">Capital management</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">25. Capital management</font></b></h1> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group monitors capital on the basis of the gearing ratio which corresponds to net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current borrowings as shown in the consolidated balance sheet) less cash and banks. 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="87%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net debt</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">125,235</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="87%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value measurement<br></strong></div></th>
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<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">26. Fair value measurement</font></b></h1> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fair value is the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. A three-level hierarchy is used to measure fair value, as shown below: </font></p> <p style="margin-left:.5in;margin-right:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Courier New;font-size:10.0pt;">o</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.&#160; </font></p> <p style="margin-left:.5in;margin-right:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Courier New;font-size:10.0pt;">o</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).&#160; </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-indent:-.25in;"><font lang="EN-US" style="font-family:Courier New;font-size:10.0pt;">o</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 3 - Inputs for the assets and liabilities that are not based on observable market data (that is, unobservable inputs).</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At December&#160;31, 2017 and 2016, PagSeguro Group had financial investments whose fair value adjustments is classified as Level&#160;1. PagSeguro Group did not have any other assets measured at fair value in 2017 and 2016. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At December&#160;31, 2016, derivative liabilities measured at fair value are classified as Level&#160;2. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">There were no transfers between Levels 1, 2 and 3 during the year. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value measurement [Abstract]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725491216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other disclosures on cash flows<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfOtherDisclosuresOnCashFlowsTextBlock', window );">Other disclosures on cash flows</a></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsAbstract', window );"><strong>Subsequent events [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">Subsequent events</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">28. Subsequent events&#160;</font></b></h1> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(i)</font></b></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">IPO - Initial Public Offering </font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On January&#160;26, 2018, PagSeguro Digital concluded its global offering of 121,193,388 Class&#160;A common shares, of which 50,925,642 were new shares offered by PagSeguro Digital and 70,267,746 shares were offered by the controlling shareholder UOL. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The initial offer price was US$21,50 per share. The shares are traded on the New York Stock Exchange (NYSE) since January&#160;24, 2018, under the symbol &#8220;PAGS&#8221;. The proceeds received from the shares offered by PagSeguro Digital, excluding charges and underwriting fees, totaled approximately US$1,1&#160;billion. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Management expects that the proceeds received by PagSeguro Digital will be used for working capital purposes, future acquisitions and investments in technologies and products complementary to the business. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(ii)</font></b></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Long-Term Incentive Plan-LTIP </font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Members of the Company&#39;s management participate in a Long-Term Incentive Plan (&#8220;LTIP&#8221;), which was established by UOL for its group companies on July&#160;29, 2015 and has been adopted by PagSeguro Digital. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Beneficiaries under the LTIP were granted rights in the form of notional cash amounts without cash consideration. These rights vest in five equal annual installments starting one year after the beneficiary&#39;s grant date, the earliest of which was on July&#160;29, 2015. Under the terms of the LTIP, upon the Company&#39;s IPO the vested portion of each beneficiary&#39;s LTIP rights may, at the discretion of our Board of Directors, either be converted into Class&#160;A common shares of the Company at the IPO price or paid to the beneficiary in cash. The conversion rate applicable for any issuance of Class&#160;A common shares to be issued in respect of vested LTIP rights may be adjusted, pursuant to each beneficiary&#39;s individual LTIP agreement, if our market capitalization at the date the Company&#39;s IPO is lower or, in some cases, higher than the reference market capitalization set in the LTIP. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As a result, upon the Company&#39;s IPO, the individual LTIP agreements of certain beneficiaries were adjusted to determine conversion at the IPO of our Class&#160;A common shares. The Company&#39;s Board of Directors converted all such vested portions of the beneficiaries&#39; LTIP rights into Class&#160;A common shares of the Company at the IPO price, without cash consideration, upon completion the IPO, instead of paying such vested portions in cash. As a result, members of the Company&#39;s management who are beneficiaries under the LTIP as a group received a total of 1,821,043 new Class&#160;A common shares upon completion the IPO. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The shares issued under the LTIP are subject to a one-year lock-up period under the terms of the LTIP. Any shares that are issued on a subsequent vesting date during the first year after the IPO will be subject to the remainder of that same lock-up period, expiring one year after the closing of the IPO. After the close of that one-year period, shares to be issued under the LTIP will no longer be subject to a lock-up. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(iii)</font></b></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Acquired an additional BIVA </font></b></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On January&#160;15,2018, PagSeguro Brazil acquired an additional interest of 15.82% in BIVA, bringing our total interest to 75.13% of BIVA&#39;s total share capital. The total amount paid for this acquisition was R$4,600. </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; * </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738718432">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SignificantAccountingPoliciesPoliciesAbstract', window );"><strong>Significant Accounting Policies (Policies) [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements', window );">2.1 Preparation and presentation of the consolidated financial statements</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.1 Preparation and presentation of the consolidated financial statements</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements include the financial statements of PagSeguro Digital and its subsidiaries, which are all under common control and were prepared exclusively for the purpose of presenting, on a comparative basis, operations in a consolidated manner, for the years ended December&#160;31, 2017, 2016 and 2015. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The consolidated financial statements include the carve-out of PagSeguro Brazil operations for the periods prior to August&#160;1, 2015, when its activities were still recorded in UOL&#39;s financial statements. These financial statements, which have been derived from UOL&#39;s accounting records, do not necessarily reflect PagSeguro Brazil financial position, results of operations, or cash flows that would have been recorded had PagSeguro Brazil been operating as a separate entity. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">From January&#160;1, 2015 through July&#160;31, 2015, when the PagSeguro Brazil financial statements were prepared on a carve out basis, certain assets and liabilities, revenues, costs and expenses directly related to the payment operations were controlled separately. Additionally, other indirect corporate expenses recorded at UOL were allocated to these carve-out financial statements based on assumptions that management believes are reasonable. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). The consolidated financial statements are presented in thousands of Brazilian reais, unless otherwise indicated, which is the PagSeguro Group&#39;s functional currency. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The consolidated financial statements have been prepared under the historical cost convention, which is modified for certain financial assets and liabilities (including derivative instruments) measured at fair value. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying PagSeguro Group&#39;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group has adopted all pronouncements and interpretations issued by IASB that were in effect at December&#160;31, 2017. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">These consolidated financial statements for the years ended December&#160;31, 2017, 2016 and 2015 were approved by PagSeguro Group&#39;s Board of Directors at a meeting held on March 07, 2018. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfConsolidationTextBlock', window );">2.2 Consolidation</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.2 Consolidation</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Consolidated financial statements </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group consolidates all entities over which it has control, when it is exposed or has rights to variable returns on its interest in the investee, and has the ability to govern the investee&#39;s relevant activities. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The subsidiaries included in the consolidation are described in Note 4. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsidiaries </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsidiaries are all entities over which PagSeguro Digital has control. Subsidiaries are fully consolidated from the date on which control is transferred to PagSeguro Digital. They are deconsolidated from the date that control ceases. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Identifiable assets acquired and liabilities and contingent liabilities assumed for the acquisition of subsidiaries in a business combination are measured initially at their fair values at the acquisition date.PagSeguro Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest&#39;s proportionate share of the fair value of the acquiree&#39;s identifiable net assets. Non-controlling interests are determined on each acquisition. Acquisition-related costs are accounted for in the statement of income as incurred. These accounting practices do not apply to transactions under common control. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Transactions, balances and unrealized gains on intercompany transactions are eliminated. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the asset transferred. The accounting policies of the subsidiaries are changed, where necessary, to ensure consistency with the policies adopted by PagSeguro Group. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">2.3 Foreign currency translation</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.3 Foreign currency translation</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or the dates of valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory', window );">2.4 Cash and cash equivalents</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.4 Cash and cash equivalents</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and cash equivalents are held for the purpose of meeting short-term cash needs and not for investment or any other purposes. PagSeguro Group classifies as cash equivalents a financial investment that can be immediately converted into a known amount of cash and is subject to immaterial risk of change in value. PagSeguro Group classifies financial instruments with original maturities of three months or less as cash equivalents. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">2.5 Financial instruments - initial recognition and subsequent measurement</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.5 Financial instruments - initial recognition and subsequent measurement</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">i) Financial assets </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Initial recognition and measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets are classified in the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. PagSeguro Group does not classify its financial assets as held-to-maturity or available-for-sale. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivatives are also categorized as measured at fair value through profit or loss unless they are designated as hedges. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets carried at fair value through profit or loss are initially recognized at fair value, and transaction costs are expensed in the statement of income. Financial assets include cash and cash equivalents, current financial investments, note receivables, receivables from related parties, and other receivables. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsequent measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The subsequent measurement of financial assets depends on their classification, which may be as follows: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Loans and receivables </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Loans and receivables are carried at amortized cost using the effective interest rate method. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets at fair value through profit or loss </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets at fair value through profit or loss are presented at fair value in the balance sheet, with the corresponding gains or losses recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group values its financial assets at fair value through profit or loss, as it intends to trade them within a short period of time. Reclassification to loans and receivables, available-for-sale financial assets or held-to-maturity investments depends on the nature of the asset. This valuation does not affect any financial assets designated at fair value through profit or loss at initial recognition, which cannot be subsequently reclassified. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derecognition </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A financial asset or, where applicable, a part of a financial asset or part of a group of similar financial assets, is derecognized when: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font></p> </td> <td valign="top" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">The rights to receive cash flows from the asset expire; </font></p> </td> </tr> </table></div> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font></p> </td> <td valign="top" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group transfers its rights to receive cash flows from the asset, or assumes an obligation to pay the received cash flows in full to a third party under a &#8220;pass-through&#8221; arrangement; and (a)&#160;transfers virtually all the risks and benefits of the asset, or (b)&#160;neither transfers nor retains virtually all the risks and benefits of the asset, but transfers control of the asset. </font></p> </td> </tr> </table></div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">When PagSeguro Group has transferred its rights to receive cash flows from an asset and has not transferred or retained substantially all the risks and benefits of the asset, this asset is recognized to the extent of PagSeguro Group&#39;s continuing involvement in the asset. In such case, PagSeguro Group also recognizes an associated liability. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that PagSeguro Group has retained. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of the consideration that PagSeguro Group may be required to repay. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">ii) Impairment of financial assets </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group assesses, at the balance sheet date, if there is objective evidence that a financial asset or a group of financial assets is impaired. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of&#160;impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;) and that loss&#160;event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be&#160;reliably estimated. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Evidence of impairment may include indication that the debtors are experiencing significant financial difficulty, probability that the debtor will enter bankruptcy or other financial reorganization, default or delinquency in interest or principal payments, and indication of a substantial decline in the estimated future cash flows, such as changes in maturity dates or economic conditions related to default. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">iii) Financial liabilities </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Initial recognition and measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities are classified as financial liabilities at fair value through profit or loss, other financial liabilities, or as derivatives&#160;designated used for hedge, when appropriate. PagSeguro Group determines the classification of its financial liabilities at initial&#160;recognition. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities are initially recognized at fair value and, in the case of other financial liabilities, plus directly related transaction&#160;costs. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities include payables to third parties, payables to third parties of related parties, trade payables, trade payables of related parties, borrowings, and other payables. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsequent measurement </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The subsequent measurement of financial liabilities depends on their classification, which may be as follows: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities at fair value through profit or loss </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities at fair value through profit or loss include held-for-trading financial liabilities and financial liabilities designated at fair value through profit or loss at initial recognition. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities are classified as held-for-trading if acquired for sale in the short term. This category includes derivative financial instruments which do not meet the hedge accounting criteria defined by IAS 39. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gains and losses on held-for-trading liabilities are recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Other financial liabilities </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost, using the effective interest rate method, and are recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in &#8220;Financial expenses&#8221; in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><i><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derecognition </font></i></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A financial liability is derecognized when the obligation is discharged, canceled or expires. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of income. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">iv) Financial instruments - offsetting </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial assets and liabilities are presented net in the balance sheet if, and only if, there is an existing and enforceable legal right to offset the amounts recognized and an intention to offset or to realize the asset and settle the liability simultaneously. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">v) Fair value of financial instruments </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The fair value of financial instruments actively traded in organized markets is determined based on quoted market prices at the balance sheet date, without a deduction of transaction costs. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These techniques include the use of recent arm&#39;s length transactions, reference to other similar instruments, discounted cash flow analysis or other valuation methods. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory', window );">2.6 Note receivables</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.6 Note receivables</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The amounts are mainly related to receivables from credit/debit card issuers and acquirers originated from transactions through PagSeguro Group platform, and from the sales of credit/debit card readers. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The provision for impairment of note receivables, however based on PagSeguro Brazil&#39;s risk assessment the need of provision is immaterial because the note receivables are mainly comprised of transactions approved by large financial institutions that have a low level risk based on ratings received from major credit rating agencies. Additionally, these financial institutions are the legal obligors to the note receivables. See Note 24. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note receivables are initially recorded at the present value of expected future cash flows. The note receivables from installment transactions is an estimate based on the present value of the future cash flows, using average appropriate terms and rates, which are in accordance with the terms of these transactions. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group incurs financial expenses when an election to receive early payment of note receivables from financial institutions is made. The finance expense is recognized at the time the financial institution agrees to liquidate a note receivable due in installments on a prepaid basis, and it is recorded as Financial expenses in the statement of income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">2.7 Inventories</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.7 Inventories</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Inventories consist of debit and credit card readers. Inventories are stated at the lower of cost and net realizable value. The cost method used for inventories is the weighted moving average method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">2.8 Property and equipment</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.8 Property and equipment&#160; </font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Property and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and may also include finance costs related to the acquisition of qualifying assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Subsequent costs are included in the asset&#39;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with these costs will flow to PagSeguro Group and they can be measured reliably. The carrying amount of replaced items or parts is derecognized. All other repairs and maintenance expenses are charged to the statement of income during the year in which they are incurred. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The assets&#39; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate. Depreciation is calculated under the straight-line method, based on the estimated useful lives as shown below (in years): </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"></td> <td width="7%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"></td> <td width="7%" style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="3" valign="bottom" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Data processing equipment</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,5 to 5</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,5 to 5</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Furniture and fittings</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Facilities</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Leasehold improvements</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Machinery and equipment</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">5 to 10</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Vehicles</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">5</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> </tr> </table> </div> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">An asset&#39;s carrying amount is immediately written down to its recoverable amount when the asset&#39;s carrying amount is greater than its&#160;estimated recoverable amount. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts, and are recognized within &#8220;Other&#160;(expenses) income, net&#8221; in the statement of income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory', window );">2.9 Intangible assets</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.9 Intangible assets</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Software licenses are capitalized on the basis of the costs incurred to acquire the software and bring it to use. These costs are amortized on the straight-line basis over the estimated useful life of the software (three to five years). </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by PagSeguro Group are recognized as intangible assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Directly attributable costs, which are capitalized as part of the software product, include costs incurred with employees and expenses allocated to software development. Borrowing costs incurred during the software development period may also be capitalized. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Other development expenditures that do not meet the capitalization criteria are expensed as incurred. Development costs previously recorded as an expense are not recognized as an asset in a subsequent period, and are presented within &#8220;Advisory and consulting&#160;services&#8221;. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Computer software development costs recognized as assets are amortized over the estimated useful life, which does not exceed five&#160;years from the date that technological feasibility is met. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">2.10 Impairment of non-financial assets</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.10 Impairment of non-financial assets</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Non-financial assets are annually reviewed for impairment to determine whether there are any events or changes in economic and&#160;technological conditions or in operations that may indicate that an asset is impaired. When applicable, such evidence is identified through the annual impairment test. In order to assess a non-financial asset, it is necessary to estimate its recoverable amount. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. When the carrying amount of an asset or cash generating unit exceeds its recoverable amount, a provision for impairment is established. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">When estimating the value in use of an asset, the future estimated cash flows are discounted to their present value using a pre-tax discount rate that reflects the weighted average cost of capital for the cash generating unit. The net sales price is determined, whenever possible, based on a firm sales contract entered into on an arm&#39;s length basis, between well-informed and willing parties, adjusted by expenses attributable to the asset sale, or, when there is no firm sales contract, based on the price in an active market, or the most recent transaction price for similar assets. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group annually assesses whether there is any indication that a previously recognized impairment loss no longer exists or has decreased. If there is such indication, the asset&#39;s recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&#39;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the asset&#39;s carrying amount does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized for the asset in prior years. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock', window );">2.11 Payables to third parties</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.11 Payables to third parties</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Payables to third parties refer to funds payable and amounts due to merchants that use PagSeguro Brazil platform. PagSeguro Group recognizes the fair value of the transaction which is the transaction amount, net of the transaction cost. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">2.12 Provisions</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.12 Provisions</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Provisions are recognized when PagSeguro Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. When PagSeguro Group expects the value of a provision to be reimbursed, in whole or in part, for example, due to an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Expenses associated with any provisions are presented in the statement of income, net of any reimbursements. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group is a party to legal and administrative proceedings. Provisions are established for all contingencies referring to lawsuits for which it is probable that an outflow of funds will be necessary to settle the contingency/obligation and a reasonable estimate can be made. The assessment of the likelihood of loss includes the evaluation of available evidence, the hierarchy of laws, available case law, recent court decisions and their importance in the legal system, as well as the opinion of outside legal counsel. The provisions are reviewed and adjusted to reflect changes in circumstances. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">2.13 Revenue recognition</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.13 Revenue recognition</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of services and goods in the ordinary course of PagSeguro Group&#39;s activities. Revenue is presented net of sales and excise taxes and returns. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group recognizes revenue when: (i)&#160;the amount of revenue can be reliably measured; (ii)&#160;it is probable that future economic benefits will flow to PagSeguro Group; (iii)&#160;recognized when control of a good or service is transferred to a customer; and (iv)&#160;specific criteria have been met for PagSeguro Group&#39;s activities. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group&#39;s revenue substantially comprises: </font></p> <p style="margin-left:.5in;margin-right:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;">&#183;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Revenue from transaction activities and other services: Revenue from fees charged for intermediation of electronic payments, and other services such as prepaid cards, which are recognized at the time the purchase is approved by the financial institution. Revenues from fees charged for intermediation of electronic payments are recognized on a gross basis and related transaction costs are recognized as Cost of sales and services, since PagSeguro Group is considered to be the principal in the intermediation transaction. PagSeguro Group has primary responsibility for providing the services to customers and also directly sets the prices for such services, independently from the related transaction costs agreed between PagSeguro Group and the card schemes or card issuers; and </font></p> <p style="margin-left:.5in;margin-right:0in;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;">&#183;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Revenue from sales: Revenue from sales of credit and debit card readers and similar items, which is recognized at the time the risks and benefits are transferred and when control of a good is transferred to the customers, i.e., on delivery of the equipment. Under Brazilian consumer law, clients have seven days after ordering Point of Sale equipment (&#8220;POS devices&#8221;) in which to cancel the purchase. Returns of devices are accounted for as deductions from revenue from sales at the time the equipment is returned. </font></p> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:-.25in;"><font lang="EN-US" style="font-family:Symbol;font-size:10.0pt;">&#183;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial income: is recognized as a result of the discount rate charged on the early payments of Payables to third parties (merchants). The income is recognized at the time the merchant agrees to receive a sale in installments on an early payment basis, and it is recorded as Financial income in the statement of income.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock', window );">2.14 Distribution of dividends and interest on own capital</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.14 Distribution of dividends and interest on own capital</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Distributions of dividends and interest on own capital to PagSeguro Brazil&#39;s shareholders are recognized as a liability in the financial statements at year-end, based on the PagSeguro Brazil&#39;s bylaws, which require the distribution of a minimum of 1% of the profit for the year as dividends. Any amount that exceeds the minimum required is only accrued on the date such distribution is approved by the shareholders at a General Meeting. However, these provisions do not exist under PagSeguro Digital Memorandum of Association. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The tax benefit of interest on own capital is recognized in the statement of income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory', window );">2.15 Current and deferred income tax and social contribution</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.15 Current and deferred income tax and social contribution</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Current income tax and social contribution </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Tax assets and liabilities for the current year are calculated based on the expected recoverable amount or the amount payable to the tax authorities. The tax rates and tax laws used to calculate the amount are those enacted or substantively enacted at the balance sheet date in the countries where PagSeguro Group operates and generates taxable income. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Current income tax and social contribution related to items recognized directly in equity are recognized in equity. PagSeguro Group periodically evaluates the tax positions involving interpretation of tax regulations and establishes provisions when appropriate. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;"><u><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred taxes </font></u></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred taxes arise from temporary differences between the tax bases of assets and liabilities and their carrying amounts at the balance sheet date. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax liabilities are recognized for all taxable temporary differences, except in the following situations: </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit; </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">On temporary tax differences related to investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax assets are recognized on all deductible temporary differences and tax loss carryforwards, to the extent that it is probable that taxable profit will be available against which they can be offset, except when the deferred tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss; and </font></p> <p style="margin-bottom:.0001pt;margin-left:88.5pt;margin-right:0in;margin-top:12.0pt;text-indent:-25.5pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#8226;</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax assets are recognized on the deductible temporary differences associated with investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and that taxable profit will be available against which the temporary differences can be utilized.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:6.0pt;">&#160;</font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The carrying amount of deferred tax assets is reviewed at each balance sheet date and a deferred tax asset is recognized to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reviewed, at each balance sheet date, and recognized to the extent that it is probable that future taxable profit will be available to allow their utilization. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Based on the local law of Cayman (The Companies Law of 1960), there is no taxation on the income earned in the companies based in this locality, therefore, we do not have tax impacts for the PagSeguro Digital. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the subsidiaries of PagSeguro Digital, deferred tax assets and liabilities are measured using the prevailing tax rates in the year in which the assets will be realized and the liabilities will be settled. The currently defined tax rates of 25% for income tax and 9% for social contribution are used to calculate deferred taxes. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Deferred tax assets and liabilities are presented on a net basis when there is a legally or contractually enforceable right to offset the tax asset against the tax liability, and the deferred taxes are related to the same taxable entity and subject to the same tax authority. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">2.16 Employee benefits - Benefits of performance</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.16 Employee benefits - Benefits of performance</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group recognizes a liability and an expense for benefits of performance based on a methodology that takes into consideration the target of performance attributed to PagSeguro Group&#39;s stockholders after certain adjustments. PagSeguro Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory', window );">2.17 Business combination</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.17 Business combination</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Group accounts for business combinations using the acquisition method. The cost of an acquisition is measured as the sum of the consideration transferred, based on its fair value on the acquisition date. Costs directly attributable to the acquisition are expensed as incurred. The assets acquired, and liabilities assumed are measured at fair value, classified and allocated according to the contractual terms, economic circumstances and relevant conditions on the acquisition date. Goodwill is measured as the excess of the consideration transferred over the fair value of net assets acquired. If the consideration transferred is smaller than the fair value of net assets acquired, the difference is recognized as a gain on bargain purchase in the statement of operations. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfNewStandardsNotYetEffectiveTextBlock', window );">2.18 New standards not yet effective</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.18 New standards not yet effective</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following new standards have been issued by IASB, but are not effective for 2017: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">IFRS 16 - &#8220;Leases&#8221; - this new standard requires lessees to recognize the liability of the future payments and the right of use of the leased asset for virtually all lease contracts, including operating leases. Certain short-term and low-value contracts may be out of the scope of this new standard. The criteria for recognition and measurement of leases in the financial statements of the lessors are substantially maintained. IFRS 16 is effective for years beginning on or after January&#160;1, 2019 and replaces IAS 17 - &#8220;Leases&#8221; and related interpretations. Management has performed a preliminary assessment and did not identify any material impacts to date. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">There are no other IFRS or IFRIC interpretations not yet effective that could have a material impact on PagSeguro Group financial statements. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock', window );">2.19 New and revised pronouncements in effect</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h2 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:10.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Times,serif;font-size:12.0pt;">2.19 New and revised pronouncements in effect</font></b></h2> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following new standards have been issued by IASB: </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">IFRS 9 - &#8220;Financial Instruments&#8221;: addresses the classification, measurement and recognition of financial assets and liabilities. The complete version of IFRS 9 was issued in July 2014 and is effective as from January&#160;1, 2018. It replaces the guidance included in IAS 39 related to the classification and measurement of financial instruments. The main amendments brought by IFRS 9 are: (i)&#160;new criteria for the classification of financial assets; (ii)&#160;new impairment model for financial assets, which is based on expected losses, replacing the current model of incurred losses; and (iii) relaxation of the new requirements for the adoption of hedge accounting. Management evaluated the new guidelines introduced by IFRS 9 and did not identify any material impact for PagSeguro Group. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">IFRS 15 - &#8220;Revenue from Contracts with Customers&#8221;: this new standard introduces the principles to be applied by an entity to determine the measurement and recognition of revenue. This standard is based on the principle that revenue is recognized when control of a good or service is transferred to a customer, and, therefore, the principle of control will replace the principle of risks and benefits. This standard will replace IAS 11 - &#8220;Construction Contracts&#8221;, IAS 18 - &#8220;Revenues&#8221; and related interpretations, and becomes effective on January&#160;1, 2018. Management evaluated the new guidelines introduced by IFRS 15 and did not identify any material impact for PagSeguro Group. </font></p> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Therefore, changes to standards or new pronouncements applicable to the years presented in the consolidated financial statements were not relevant to PagSeguro Group, for retrospective disclosure and disclosure of amounts. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:18.0pt;">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for business combinations. [Refer: Business combinations [member]]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for deferred income tax. [Refer: Deferred tax expense (income)]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>nonnum:textBlockItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for restricted cash and cash equivalents. [Refer: Restricted cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policies relevant to an understanding of financial statements, which the entity does not separately disclose.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description Of Accounting Policies for Payables to third parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DescriptionOfAccountingPoliciesForPayablesToThirdPartiesTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Consolidation [text block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DisclosureOfConsolidationTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Distribution of dividends and interest on own capital [text block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DisclosureOfDistributionOfDividendsAndInterestOnOwnCapitalTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>New and revised pronouncements in effect [text block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DisclosureOfNewAndRevisedPronouncementsInEffectTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationIsCalculatedUnderTheStraightlineMethodBasedOnTheEstimatedUsefulLivesInYearsTextBlock', window );">Depreciation is calculated under the straight-line method, based on the estimated useful lives, in years</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The assets&#39; residual values and useful lives are reviewed at the end of each reporting period, and adjusted on a prospective basis if appropriate. 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0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="3" valign="bottom" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:1.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Data processing equipment</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,5 to 5</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,5 to 5</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Furniture and fittings</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10</font></p> </td> <td 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation is calculated under the straight-line method, based on the estimated useful lives, in years</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidation of subsidiaries (Tables)<br></strong></div></th>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashAndCashEquivalentsTablesAbstract', window );"><strong>Cash and cash equivalents (Tables) [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashAndCashEquivalentsTextBlock', window );">Cash and cash equivalents</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">6. 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style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="88%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash and cash equivalents (Tables) [Abstract]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725607152">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialInvestmentsTablesAbstract', window );"><strong>Financial investments (Tables) [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialInvestmentsTextBlock', window );">Financial investments</a></td>
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lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td nowrap="nowrap" valign="bottom" width="47%" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Legal obligors</font></b></p> </div> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Visa</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Master</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Hipercard</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" 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lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">237,335</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">751,542</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">250,817</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">1,239,694</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">99,433</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">333,108</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">83,160</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">416,268</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">115,009</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">151,041</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="47%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">535,801</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">50,716</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">93,473</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 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Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">250,817</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,522,349</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p 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0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheMaturityAnalysisOfNoteReceivablesTextBlock', window );">The maturity analysis of note receivables</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The maturity analysis of note receivables is as follows: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="83%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="83%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="83%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Due within 30 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesTextBlock', window );">Balances and transactions with related parties</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">i.</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balances and transactions with related parties: </font></p> </td> </tr> </table> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="70%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="70%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font 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0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">59,692</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Affiliated companies</font></p> </td> <td valign="bottom" width="2%" 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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesIiTextBlock', window );">Balances and transactions with related parties II</a></td>
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style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td rowspan="2" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" rowspan="2" width="24%" style="border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Net</font></b></p> </td> <td rowspan="2" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;"> <td colspan="2" width="22%" style="border-bottom:solid black 1.0pt;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" 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style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">11,024</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="12%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(5,114)</font></p> </td> <td nowrap="nowrap" width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">5,910</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Facilities</font></p> </td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">53</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(23)</font></p> </td> <td nowrap="nowrap" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">30</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Machinery and equipment</font></p> </td> <td width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">4,738</font></p> </td> <td nowrap="nowrap" 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Roman,serif;font-size:10.0pt;">(444)</font></p> </td> <td nowrap="nowrap" width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">4,294</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Furniture and fittings</font></p> </td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">397</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(66)</font></p> </td> <td nowrap="nowrap" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">331</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Leasehold improvements</font></p> </td> <td width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">263</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="12%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(29)</font></p> </td> <td nowrap="nowrap" width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">234</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Vehicles</font></p> </td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">132</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(42)</font></p> </td> <td nowrap="nowrap" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">90</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;"> <td valign="bottom" width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td valign="top" width="25%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td 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color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10,889</font></b></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p 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style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td nowrap="nowrap" valign="bottom" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;"> <td width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> 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Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="12%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(3,692)</font></p> </td> <td nowrap="nowrap" width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,882</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p 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Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="12%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(140)</font></p> </td> <td nowrap="nowrap" width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">408</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Furniture and fittings</font></p> </td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">190</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(40)</font></p> </td> <td nowrap="nowrap" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">150</font></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td width="25%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;text-indent:10.0pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Leasehold improvements</font></p> </td> <td width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">100</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="12%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(15)</font></p> </td> <td nowrap="nowrap" width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="1%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="10%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td width="14%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">85</font></p> </td> <td nowrap="nowrap" width="2%" style="background:#CCEEFF;height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="height:14.1pt;"> <td valign="bottom" width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> <tr style="height:14.1pt;page-break-inside:avoid;"> <td valign="top" width="25%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="9%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">8,464</font></b></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="12%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(3,906)</font></b></p> </td> <td nowrap="nowrap" width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td width="1%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="10%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> <td width="14%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">4,558</font></b></p> </td> <td nowrap="nowrap" width="2%" style="height:14.1pt;padding:0in 3.5pt 0in 3.5pt;"></td> </tr> </table> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The changes in cost and accumulated depreciation were as follows:</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheChangesInCostAndAccumulatedDepreciationWereAsFollowsTextBlock', window );">The changes in cost and accumulated depreciation were as follows</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="53%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="53%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Data<br /> processing<br /> equipment</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Facilities</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Machinery<br /> and<br /> equipment</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Furniture<br /> and<br /> fittings</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Leasehold<br /> improvements</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Vehicles</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> 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lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">150</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">85</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="53%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">At December&#160;31, 2017</font></p> </td> <td valign="bottom" width="2%" 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style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">53</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">132</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheChangesInCostAndAccumulatedAmortizationWereAsFollowsTextBlock', window );">The changes in cost and accumulated amortization were as follows</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr style="page-break-inside:avoid;"> <td valign="top" width="4%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(b)</font></p> </td> <td valign="top" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">The changes in cost and accumulated amortization were as follows: </font></p> </td> </tr> </table> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="57%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">149,382</font></p> </td> <td 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style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 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valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">86,108</font></p> </td> <td 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 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style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 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Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" 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0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">86,108</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="57%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="57%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Transfer</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="57%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 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style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="57%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">23,686</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BorrowingsTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Borrowings (Tables) [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BorrowingsTablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td>duration</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725533552">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Salaries and social charges (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesTablesAbstract', window );"><strong>Salaries and social charges (Tables) [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesTextBlock', window );">Salaries and social charges</a></td>
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style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="88%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,758</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td 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style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,225</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="88%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Payroll accruals</font></p> </td> <td 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Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">5,877</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="88%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(16,814</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(1,616</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td 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Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EstimatedRealizationOfDeferredTaxAssetsInNoncurrentAssetsAndLiabilitiesTextBlock', window );">Estimated realization of deferred tax assets in non-current assets and liabilities</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The estimated realization of deferred tax assets in non-current assets and liabilities is as follows: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="67%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="67%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="14" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="67%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 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style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="67%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Asset</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" 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<td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="67%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2018</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">8,895</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(20,728</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">940</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(8,126</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> <tr 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Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ReconciliationOfTheDifferenceBetweenTheActualIncomeTaxAndSocialContributionExpenseAndTheExpenseComputedByApplyingTheFederalStatutoryRateTextBlock', window );">Reconciliation of the difference between the actual income tax and social contribution expense and the expense computed by applying the federal statutory rate</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td colspan="13" width="100%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">(b) Reconciliation of the income tax and social contribution expense </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;"><br /> PagSeguro Group computed income tax and social contribution under the taxable income method. 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0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="10" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December, 31</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="60%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2015</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p 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style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">34%</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">34%</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">34%</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="60%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" 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nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> </table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred income tax and social contribution</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated realization of deferred tax assets in non-current assets and liabilities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityTablesAbstract', window );"><strong>Equity (Tables) [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ShareCapitalTextBlock', window );">Share capital</a></td>
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style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">28,175,359</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="89%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="89%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">December&#160;31, 2016 shares outstanding</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">262,288,607</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="89%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="89%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">December&#160;31, 2017 shares outstanding</font></p> </td> <td valign="bottom" width="2%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">262,288,607</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="89%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DividendsPagseguroTextBlock', window );">Dividends - Pagseguro</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">PagSeguro Brazil bylaws establish that profit for the year and interest on own capital should be allocated, in full or in part, to the constitution of reserves. Presented below are the dividends distributed by each entity consolidated in these financial statements other than Net+Phone and BIVA which recorded accumulated losses in all periods presented: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;">&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="76%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font 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lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DividendsBoaCompraTextBlock', window );">Dividends - Boa Compra</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="77%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="77%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="10" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td nowrap="nowrap" valign="bottom" width="77%" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">Boa Compra</font></b></p> </div> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends - Boa Compra</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends - Pagseguro</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">262,288,607</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">262,288,607</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average number of common shares issued and outstanding</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TotalRevenueAndIncomeTextBlock', window );">Total revenue and income</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><h1 style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:24.0pt;page-break-after:avoid;"><b><font color="windowtext" style="font-family:Cambria,serif;font-size:14.0pt;">21. Total revenue and income&#160;</font></b></h1> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="70%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="70%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="10" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="70%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid 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style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Gross revenue from transaction activities and other services</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">1,391,381</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">543,818</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">305,298</font></p> </td> 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valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">655,153</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">371,517</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">238,947</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gross financial income (i)</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">858,410</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">411,413</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times 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Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">8,576</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">5,337</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">10,744</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="70%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="3%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="70%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total gross revenue and income</font></p> </td> <td valign="bottom" width="3%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" 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style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationAndAmortizationTextBlock', window );">Depreciation and Amortization</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">(iii)</font><font lang="EN-US" style="font-family:Times New Roman;font-size:7.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:8.0pt;">The depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p 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style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> 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style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 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</tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial investments</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">210,103</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">131,239</font></p> </td> <td nowrap="nowrap" 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Cash and cash equivalents</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">66,767</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">79,969</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Note receivables</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,522,349</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">1,715,514</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Receivables from related parties</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">124,723</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">300,809</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Other receivables</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">27,956</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">4,495</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,951,898</font></b></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">2,232,026</font></b></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> </tr> <tr> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialLiabilitiesTextBlock', window );">Financial liabilities</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="6" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">December&#160;31,</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2017</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">2016</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Financial liabilities</font></b></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Measured at fair value through profit or loss:</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivative financial instruments</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">6,613</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></b></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">6,613</font></b></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> </tr> <tr> <td valign="bottom" width="84%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Amortized cost:</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Payables to third parties</font></p> </td> <td valign="bottom" width="1%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">3,080,569</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">1,304,031</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Trade payables</font></p> </td> <td valign="bottom" width="1%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">92,444</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">61,719</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="84%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial risk management (Tables)<br></strong></div></th>
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style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 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style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ContractualUndiscountedCashFlowsTextBlock', window );">Contractual undiscounted cash flows</a></td>
<td class="text"><!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The table below shows PagSeguro Group&#39;s non-derivative financial liabilities divided into the relevant maturity group based on the remaining period from the balance sheet date and the contractual maturity date. 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style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="63%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="2%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" 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cellpadding="0" cellspacing="0" width="100%" style="border-collapse:collapse;width:100.0%;"> <tr> <td width="87%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> <td style="padding:0in 0in 0in 0in;"></td> </tr> <tr style="page-break-inside:avoid;"> <td valign="bottom" width="87%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:8.0pt;">&#160;&#160;</font></p> </td> <td colspan="2" valign="bottom" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="PT-BR" 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style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">205,204</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="87%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(-) Cash and cash equivalents</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">(79,969</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">)&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="87%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="87%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Net debt</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">125,235</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="87%" style="padding:0in 0in 0in 0in;"></td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <div style="border:none;border-top:double black 2.25pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </div> </td> <td style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="87%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Total equity</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">626,862</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="87%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Total capital</font></p> </td> <td valign="bottom" width="7%" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">752,097</font></p> </td> <td nowrap="nowrap" valign="bottom" style="background:#CCEEFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> <tr> <td valign="bottom" width="87%" style="padding:0in 0in 0in 0in;"></td> <td 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Roman,serif;font-size:1.0pt;">&#160;</font></p> </td> </tr> <tr style="page-break-inside:avoid;"> <td valign="top" width="87%" style="padding:0in 0in 0in 0in;"> <p style="margin-bottom:.0001pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-indent:-12.0pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">Gearing ratio</font></p> </td> <td valign="bottom" width="7%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital management</p></div>
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style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">26,610</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">-&#160;&#160;</font></p> </td> <td nowrap="nowrap" valign="bottom" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font lang="PT-BR" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> </tr> </table><span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_NoncashInvestingAndFinancingActivitiesTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-cash investing and financing activities [text block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_NoncashInvestingAndFinancingActivitiesTextBlock</td>
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<td>nonnum:textBlockItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_OtherDisclosuresOnCashFlowsTablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other disclosures on cash flows (Tables) [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_OtherDisclosuresOnCashFlowsTablesAbstract</td>
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<td>xbrli:stringItemType</td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6735403920">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>General information (Details Text)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GeneralInformationDetailsTextAbstract', window );"><strong>General information (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil', window );">PagSeguro Digital has control of the shares PagSeguro Brazil</a></td>
<td class="nump">99.99%<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroBrazilCarriedOutReverseShareSplit', window );">PagSeguro Brazil carried out a reverse share split</a></td>
<td class="text">2:1 shares<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ReverseShareSplitAxis=pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember', window );">Share capital previously represented [Member] | Common shares</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GeneralInformationDetailsTextAbstract', window );"><strong>General information (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase (decrease) in number of shares outstanding</a></td>
<td class="nump">524,577,214<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ReverseShareSplitAxis=pags_ReverseShareSplitWasReducedMember', window );">Was reduced | Common shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GeneralInformationDetailsTextAbstract', window );"><strong>General information (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase (decrease) in number of shares outstanding</a></td>
<td class="nump">262,288,607<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>General information (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GeneralInformationDetailsTextAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Brazil carried out a reverse share split</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroBrazilCarriedOutReverseShareSplit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Digital has control of the shares PagSeguro Brazil</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroDigitalHasControlOfTheSharesPagseguroBrazil</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ReverseShareSplitAxis=pags_ReverseShareSplitShareCapitalPreviouslyRepresentedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=pags_CommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=pags_CommonSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ReverseShareSplitAxis=pags_ReverseShareSplitWasReducedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ReverseShareSplitAxis=pags_ReverseShareSplitWasReducedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6729803104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details 1)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Data processing equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Years</a></td>
<td class="text">2.5 to 5<span></span>
</td>
<td class="text">2.5 to 5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember', window );">Furniture and fittings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Years</a></td>
<td class="text">10<span></span>
</td>
<td class="text">10<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Years</a></td>
<td class="text">10<span></span>
</td>
<td class="text">10<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Years</a></td>
<td class="text">10<span></span>
</td>
<td class="text">10<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Years</a></td>
<td class="text">5 to 10<span></span>
</td>
<td class="text">10<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Property and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Years</a></td>
<td class="text">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives or depreciation rates used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738501600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract', window );"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CollectionIsExpected', window );">Collection is expected</a></td>
<td class="text">one year<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted', window );">Distributions of dividends and interest on own capital to the PagSeguro Brazil Group shareholders</a></td>
<td class="nump">1.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=pags_SoftwareMember', window );">Costs are amortized, basis over the estimated useful life - Software</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract', window );"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntagibleAssetsWithUsefulLifeDefined', window );">Intagible assets with useful life defined</a></td>
<td class="text">three to five years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerSoftwareMember', window );">Software licenses</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract', window );"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntagibleAssetsWithUsefulLifeDefined', window );">Intagible assets with useful life defined</a></td>
<td class="text">five years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CurrentlyDefinedTaxRatesAxis=pags_CurrentlyDefinedTaxRatesIncomeTaxMember', window );">Income tax</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract', window );"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CurrentlyDefinedTaxRates', window );">Currently defined tax rates</a></td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CurrentlyDefinedTaxRatesAxis=pags_CurrentlyDefinedTaxRatesSocialContributionMember', window );">Social contribution</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract', window );"><strong>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CurrentlyDefinedTaxRates', window );">Currently defined tax rates</a></td>
<td class="nump">9.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of an expected dividend used to calculate the fair value of share options granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_47_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CollectionIsExpected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Collection is expected</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CollectionIsExpected</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CurrentlyDefinedTaxRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Currently defined tax rates</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CurrentlyDefinedTaxRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntagibleAssetsWithUsefulLifeDefined">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intagible assets with useful life defined</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntagibleAssetsWithUsefulLifeDefined</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Presentation and preparation of the consolidated financial statements and significant accounting policies (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PresentationAndPreparationOfTheConsolidatedFinancialStatementsAndSignificantAccountingPoliciesDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=pags_SoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=pags_SoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CurrentlyDefinedTaxRatesAxis=pags_CurrentlyDefinedTaxRatesIncomeTaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CurrentlyDefinedTaxRatesAxis=pags_CurrentlyDefinedTaxRatesIncomeTaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CurrentlyDefinedTaxRatesAxis=pags_CurrentlyDefinedTaxRatesSocialContributionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CurrentlyDefinedTaxRatesAxis=pags_CurrentlyDefinedTaxRatesSocialContributionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725639168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Critical accounting estimates and judgments (Details Text)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CriticalAccountingEstimatesAndJudgmentsDetailsTextAbstract', window );"><strong>Critical Accounting Estimates And Judgments Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeferredIncomeTaxAndSocialContributionBasedOnFutureTaxableProfitEstimates', window );">Deferred income tax and social contribution based on future taxable profit estimates</a></td>
<td class="text">ten years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CriticalAccountingEstimatesAndJudgmentsDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Critical accounting estimates and judgments (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CriticalAccountingEstimatesAndJudgmentsDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DeferredIncomeTaxAndSocialContributionBasedOnFutureTaxableProfitEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred income tax and social contribution based on future taxable profit estimates</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DeferredIncomeTaxAndSocialContributionBasedOnFutureTaxableProfitEstimates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741281920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidation of subsidiaries (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jan. 15, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 4,235,757<span></span>
</td>
<td class="nump">R$ 2,370,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">870,391<span></span>
</td>
<td class="nump">626,862<span></span>
</td>
<td class="nump">R$ 461,877<span></span>
</td>
<td class="nump">R$ 426,563<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">478,794<span></span>
</td>
<td class="nump">127,779<span></span>
</td>
<td class="nump">R$ 35,490<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiariePagseguroBrazilMember', window );">PagSeguro Brazil</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,553,504<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,686,516<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">866,988<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 478,781<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Direct<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieNetPhoneMember', window );">Net+Phone</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,018,218<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">974,260<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,958<span></span>
</td>
<td class="nump">44,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (8,441)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Indirect<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 629,246<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">609,284<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,962<span></span>
</td>
<td class="nump">R$ 12,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 5,715<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Indirect<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember', window );">BCPS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,236<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">251<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">985<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 429<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Indirect<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember', window );">R2TECH</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,460<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">894<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,566<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,307<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Indirect<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember', window );">BIVA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,482<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,730<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">752<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (1,569)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="nump">75.13%<span></span>
</td>
<td class="nump">59.31%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Indirect<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieFidcMember', window );">FIDC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesAbstract', window );"><strong>Consolidation of subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 182,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">181,759<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net&#160;income for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,758<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Level', window );">Level</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Indirect<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ConsolidationOfSubsidiariesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Consolidation of subsidiaries [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ConsolidationOfSubsidiariesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_Level">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Level</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_Level</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiariePagseguroBrazilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiariePagseguroBrazilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieNetPhoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieNetPhoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieFidcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieFidcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740962224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidation of subsidiaries (Details Text) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Jan. 15, 2018</div></th>
<th class="th"><div>May 31, 2016</div></th>
<th class="th"><div>Jul. 31, 2013</div></th>
<th class="th"><div>Apr. 30, 2011</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 870,391<span></span>
</td>
<td class="nump">R$ 626,862<span></span>
</td>
<td class="nump">R$ 461,877<span></span>
</td>
<td class="nump">R$ 426,563<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieNetPhoneMember', window );">Net+Phone</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">R$ 43,958<span></span>
</td>
<td class="nump">44,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 19,962<span></span>
</td>
<td class="nump">R$ 12,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra | UBN Internet Ltda. (&#8220;UBN&#8221;), a subsidiary of UOL, acquired equity interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra | UBN Internet Ltda. (&#8220;UBN&#8221;), a subsidiary of UOL, acquired additional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra | UBN Internet Ltda. (&#8220;UBN&#8221;), a subsidiary of UOL, increasing its total ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra | UBN Internet Ltda. (&#8220;UBN&#8221;), a subsidiary of UOL, acquired the remaining</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra | UBN Internet Ltda. (&#8220;UBN&#8221;), a subsidiary of UOL, has became the owner of Boa Compra</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember', window );">Boa Compra | Subsequently, UOL transferred its equity interest in Boa Compra to PagSeguro Brazil as a capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember', window );">BCPS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 985<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember', window );">R2TECH</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,566<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_BivacoHoldingsSaMember', window );">BIVACO Holdings SA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.41%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember', window );">BIVA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract', window );"><strong>Consolidation of subsidiaries (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 752<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="nump">75.13%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.31%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ConsolidationOfSubsidiariesDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Consolidation of subsidiaries (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ConsolidationOfSubsidiariesDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieNetPhoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieNetPhoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBoaCompraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolAcquiredEquityInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolAcquiredEquityInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolAcquiredAdditionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolAcquiredAdditionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolIncreasingItsTotalOwnershipMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolIncreasingItsTotalOwnershipMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolAcquiredTheRemainingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityInterestAxis=pags_EquityInterestUbnInternetLtdaUbnSubsidiaryOfUolAcquiredTheRemainingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityInterestAxis=pags_UbnInternetLtdaUbnSubsidiaryOfUolHasBecameTheOwnerOfBoaCompraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityInterestAxis=pags_UbnInternetLtdaUbnSubsidiaryOfUolHasBecameTheOwnerOfBoaCompraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityInterestAxis=pags_SubsequentlyUolTransferredItsEquityInterestInBoaCompraToPagseguroBrazilAsCapitalContributionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityInterestAxis=pags_SubsequentlyUolTransferredItsEquityInterestInBoaCompraToPagseguroBrazilAsCapitalContributionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_BivacoHoldingsSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_BivacoHoldingsSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6729753568">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Segment reporting (Details Text)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SegmentReportingDetailsTextAbstract', window );"><strong>Segment Reporting Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RevenueArisingCustomersLocatedAbroad', window );">Revenue arising, customers located abroad</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_RevenueArisingCustomersLocatedAbroad">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue arising, customers located abroad</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_RevenueArisingCustomersLocatedAbroad</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SegmentReportingDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Segment reporting (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SegmentReportingDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6739254928">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents', window );">Short-term bank deposits</a></td>
<td class="nump">R$ 66,767<span></span>
</td>
<td class="nump">R$ 79,969<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total</a></td>
<td class="nump">R$ 66,767<span></span>
</td>
<td class="nump">R$ 79,969<span></span>
</td>
<td class="nump">R$ 6,888<span></span>
</td>
<td class="nump">R$ 1,199<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725487584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial investments (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialInvestmentsAbstract', window );"><strong>Financial investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialInvestmentsShorttermInvestment', window );">Short-term investment</a></td>
<td class="nump">R$ 210,103<span></span>
</td>
<td class="nump">R$ 131,239<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total</a></td>
<td class="nump">R$ 210,103<span></span>
</td>
<td class="nump">R$ 131,239<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_FinancialInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial investments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_FinancialInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_FinancialInvestmentsShorttermInvestment">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial investments - Short-term investment</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_FinancialInvestmentsShorttermInvestment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6719227920">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial investments (Details Text)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialInvestmentsDetailsTextAbstract', window );"><strong>Financial Investments Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements', window );">Short Term Investments Refer To Two Repurchase Agreements</a></td>
<td class="nump">96.00%<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_FinancialInvestmentsDetailsTextAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial investments (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_FinancialInvestmentsDetailsTextAbstract</td>
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<td>pags_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Short Term Investments Refer To Two Repurchase Agreements</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ShortTermInvestmentsReferToTwoRepurchaseAgreements</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740601824">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Note receivables (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,522,349<span></span>
</td>
<td class="nump">R$ 1,715,514<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsItauMember', window );">Itau</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,239,694<span></span>
</td>
<td class="nump">344,174<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsBradescoMember', window );">Bradesco</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">416,268<span></span>
</td>
<td class="nump">151,041<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsBancoDoBrasilMember', window );">Banco do Brasil</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">371,838<span></span>
</td>
<td class="nump">120,839<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsCEFMember', window );">CEF</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,658<span></span>
</td>
<td class="nump">54,816<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsSantanderMember', window );">Santander</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">433,560<span></span>
</td>
<td class="nump">127,780<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsOtherCardIssuersMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">535,801<span></span>
</td>
<td class="nump">144,189<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsTotalCardIssuersMember', window );">Total card issuers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,150,819<span></span>
</td>
<td class="nump">942,839<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsVeroMember', window );">Vero</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,463<span></span>
</td>
<td class="nump">331,807<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsCieloMember', window );">Cielo</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">232,315<span></span>
</td>
<td class="nump">355,949<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsRedecardMember', window );">Redecard</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">45,289<span></span>
</td>
<td class="nump">56,025<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsAmexMember', window );">Amex</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,608<span></span>
</td>
<td class="nump">4,090<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsOtherAcquirersMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,864<span></span>
</td>
<td class="nump">24,804<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsTotalAcquirersMember', window );">Total acquirers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">370,539<span></span>
</td>
<td class="nump">772,675<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_OtherMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">991<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_TotalOtherMember', window );">Total other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">991<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,192,167<span></span>
</td>
<td class="nump">429,104<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | Itau</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">237,335<span></span>
</td>
<td class="nump">99,433<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | Bradesco</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">333,108<span></span>
</td>
<td class="nump">115,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | Banco do Brasil</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">287,334<span></span>
</td>
<td class="nump">91,414<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | CEF</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">69,974<span></span>
</td>
<td class="nump">23,837<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | Santander</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">122,614<span></span>
</td>
<td class="nump">48,695<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">141,802<span></span>
</td>
<td class="nump">50,716<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsVisaMember', window );">Visa | Total card issuers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,192,167<span></span>
</td>
<td class="nump">429,104<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,707,835<span></span>
</td>
<td class="nump">513,735<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | Itau</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">751,542<span></span>
</td>
<td class="nump">244,741<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | Bradesco</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">83,160<span></span>
</td>
<td class="nump">36,032<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | Banco do Brasil</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">84,504<span></span>
</td>
<td class="nump">29,425<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | CEF</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">83,684<span></span>
</td>
<td class="nump">30,979<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | Santander</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">310,946<span></span>
</td>
<td class="nump">79,085<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">393,999<span></span>
</td>
<td class="nump">93,473<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsMasterMember', window );">Master | Total card issuers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,707,835<span></span>
</td>
<td class="nump">R$ 513,735<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsHipercardMember', window );">Hipercard</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,817<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsHipercardMember', window );">Hipercard | Itau</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">250,817<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CardFlagsAxis=pags_CardFlagsHipercardMember', window );">Hipercard | Total card issuers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoteReceivablesAbstract', window );"><strong>Legal obligors</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 250,817<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa or Mastercard. However, PagSeguro Brazil's contractual note receivables are with the financial institutions, which are the legal obligors on the note receivables. Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa or Mastercard, as applicable, in the event that the legal obligors do not make payment. PagSeguro Brazil started operating directly as a financial intermediary in 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Acquirers: refers to card processing transactions to be received from the acquirers, which are third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil. This balance also includes the receivables from sales of debit and credit card readers.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_NoteReceivablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Note receivables [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_NoteReceivablesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsBradescoMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsBancoDoBrasilMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsCEFMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsSantanderMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsSantanderMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsOtherCardIssuersMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsOtherCardIssuersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsTotalCardIssuersMember">
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<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsTotalCardIssuersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsVeroMember">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsCieloMember">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsRedecardMember">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=pags_LegalObligorsAmexMember">
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<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740996912">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note receivables (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MaturityAnalysisOfNoteReceivablesAbstract', window );"><strong>Maturity analysis of note receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="nump">R$ 3,522,349<span></span>
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<td class="nump">R$ 1,715,514<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember', window );">Due within 30 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MaturityAnalysisOfNoteReceivablesAbstract', window );"><strong>Maturity analysis of note receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="nump">2,213,929<span></span>
</td>
<td class="nump">970,086<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember', window );">Due within 31 to 120 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MaturityAnalysisOfNoteReceivablesAbstract', window );"><strong>Maturity analysis of note receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="nump">1,045,825<span></span>
</td>
<td class="nump">609,689<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember', window );">Due within 121 to 180 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MaturityAnalysisOfNoteReceivablesAbstract', window );"><strong>Maturity analysis of note receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="nump">114,953<span></span>
</td>
<td class="nump">43,144<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsAndNotLaterThanOneYearMember', window );">Due within 181 to 360 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MaturityAnalysisOfNoteReceivablesAbstract', window );"><strong>Maturity analysis of note receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="nump">R$ 147,642<span></span>
</td>
<td class="nump">R$ 92,595<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maturity analysis of note receivables</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6737987392">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Related-party balances and transactions (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 124,723<span></span>
</td>
<td class="nump">R$ 300,809<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,101<span></span>
</td>
<td class="nump">76,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLCashManagementMember', window );">Immediate parent - UOL&#8212;cash management</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">124,721<span></span>
</td>
<td class="nump">300,809<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesMember', window );">Immediate parent - UOL &#8211; sales of services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">32,286<span></span>
</td>
<td class="nump">59,692<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoCashManagementMember', window );">Affiliated companies - UOL Diveo&#8212;cash management</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,383<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember', window );">Affiliated companies - UOL Diveo &#8211; sales of services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">621<span></span>
</td>
<td class="nump">9,360<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesConcursoVirtualSAMember', window );">Affiliated companies - Concurso Virtual S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,522<span></span>
</td>
<td class="nump">1,900<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember', window );">Affiliated companies - Transfolha Transportadora e Distribuicao Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">745<span></span>
</td>
<td class="nump">1,196<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember', window );">Affiliated companies - Livraria da Folha Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,078<span></span>
</td>
<td class="nump">2,285<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember', window );">Affiliated companies - Empresa Folha da Manh&#227; S/A</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,320<span></span>
</td>
<td class="nump">21<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesOthersMember', window );">Affiliated companies - Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 529<span></span>
</td>
<td class="nump">R$ 412<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The receivables/payables with related parties arising from cash management are settled within one month and are free of interest. Shared service costs are offset with these balances. The receivables are unsecured in nature and no provisions are held against receivables from related parties. In April and September 2017, PagSeguro Brazil decided to settle a portion of its outstanding balance with related parties, as described below. On April 30, 2017, PagSeguro Brazil approved the settlement of R$22,149 related to interest on own capital that was distributed with respect to the year ended December 31, 2016. PagSeguro Brazil agreed with UOL that the full amount of this outstanding interest on own capital would be offset against receivables under the centralized cash management with UOL. In addition, as described in Note 19, on September 29, 2017 PagSeguro Brazil approved and distributed a total of R$238,803 in dividends, consisting of (i) dividends related to the year ended December 31, 2016 in the amount of R$96,008; and (ii) dividends related to the six-month period ended June 30, 2017 in the amount of R$142,794. PagSeguro Brazil agreed with UOL to offset R$184,530 from the total amount of R$238,803 against receivables under the centralized cash management with UOL and that PagSeguro Brazil would pay the remaining balance of R$54,273 in cash to UOL.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Sale of services refers mainly to purchase of (i) advertising services from UOL and (ii) services related to technical support in computing and hosting from UOL Diveo Tecnologia Ltda. ('UOL Diveo'), which started in 2016. In addition, during 2016, an amount of R$ 63,264 (composed by R$ 26,610 and R$ 36,654) previously recorded as accounts payable was used for capital contributions, as described in Note 19.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables due to related parties. [Refer: Related parties [member]; Payables to related parties]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Balances and transactions with related parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BalancesAndTransactionsWithRelatedPartiesAbstract</td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLCashManagementMember</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoCashManagementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoCashManagementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesConcursoVirtualSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesConcursoVirtualSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesEmpresaFolhaDaManhaSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesOthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesOthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740104272">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Related-party balances and transactions (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,480<span></span>
</td>
<td class="nump">R$ 744<span></span>
</td>
<td class="nump">R$ 857<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">149,863<span></span>
</td>
<td class="nump">137,885<span></span>
</td>
<td class="nump">84,427<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSharedServiceCostsMember', window );">Immediate parent - UOL&#8212;shared service costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">58,375<span></span>
</td>
<td class="nump">31,498<span></span>
</td>
<td class="nump">12,369<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSharedServiceCostsCarvedOutMember', window );">Immediate parent - UOL&#8212;shared service costs&#8212;carved out</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,032<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesMember', window );">Immediate parent - UOL &#8211; sales of services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">689<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">46,976<span></span>
</td>
<td class="nump">81,007<span></span>
</td>
<td class="nump">22,458<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesCarvedOutMember', window );">Immediate parent - UOL&#8212;sale of services&#8212;carved out</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,737<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember', window );">Affiliated companies - UOL Diveo&#8212;shared service costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="nump">24<span></span>
</td>
<td class="nump">1,710<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember', window );">Affiliated companies - UOL Diveo &#8211; sales of services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">28,953<span></span>
</td>
<td class="nump">18,069<span></span>
</td>
<td class="nump">25<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesConcursoVirtualSAMember', window );">Affiliated companies - Concurso Virtual S.A.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">117<span></span>
</td>
<td class="nump">134<span></span>
</td>
<td class="nump">389<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember', window );">Affiliated companies - Transfolha Transportadora e Distribuicao Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,405<span></span>
</td>
<td class="nump">5,500<span></span>
</td>
<td class="nump">806<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember', window );">Affiliated companies - Livraria da Folha Ltda.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">319<span></span>
</td>
<td class="nump">349<span></span>
</td>
<td class="nump">347<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesOthersMember', window );">Affiliated companies - Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract', window );"><strong>Balances and transactions with related parties</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">316<span></span>
</td>
<td class="nump">261<span></span>
</td>
<td class="nump">R$ 121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesReceivedRelatedPartyTransactions', window );">Expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 130<span></span>
</td>
<td class="nump">R$ 101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Shared services costs mainly related to (i) payroll costs, (ii) IT structure / software and (iii) rental costs are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements. Such costs are included in administrative expenses.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The main costs that the UOL Group allocated to PagSeguro Brazil (based on the number of employees and/or the time worked, basis that management believes is reasonable), are (i) payroll costs, (ii) IT structure / software and (iii) rental costs. The allocated costs to the carve-out financial statements are included in administrative expenses.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Sale of services related to advertising services are incurred by the parent company UOL and are charged to PagSeguro Brazil pursuant to contractual agreements.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Sales of services related to advertising services were allocated based on intercompany cost, a basis that management believes is reasonable from January 2014 through July 2015.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Shared services costs are incurred by the affiliated company UOL Diveo and are charged to PagSeguro Brazil pursuant to contractual agreements. The main costs are related to IT structure/software.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Sale of services from the affiliated company UOL Diveo related to technical support in computing and hosting services (started in 2016) and are charged to PagSeguro Brazil pursuant to contractual agreements.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesReceivedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of services received in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesReceivedRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BalancesAndTransactionsWithRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Balances and transactions with related parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BalancesAndTransactionsWithRelatedPartiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSharedServiceCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSharedServiceCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSharedServiceCostsCarvedOutMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSharedServiceCostsCarvedOutMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesCarvedOutMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_ImmediateParentUOLSaleOfServicesCarvedOutMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSharedServiceCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesUOLDiveoSaleOfServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesConcursoVirtualSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesConcursoVirtualSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesTransfolhaTransportadoraLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesLivrariaDaFolhaLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesOthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=pags_AffiliatedCompaniesOthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740632720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related-party balances and transactions (Details Text) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2017</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract', window );"><strong>Related-party balances and transactions (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed', window );">Settlement related to interest on own capital that was distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 22,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends', window );">Distribution of dividends</a></td>
<td class="nump">R$ 142,794<span></span>
</td>
<td class="nump">238,803<span></span>
</td>
<td class="nump">R$ 96,008<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement', window );">Offset against receivables under the centralized cash management</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">184,530<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PaymentTheRemainingBalanceOfInCash', window );">Payment the remaining balance of in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54,273<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Capital increase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">63,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Key management personnel compensation, short-term employee benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,487<span></span>
</td>
<td class="nump">2,658<span></span>
</td>
<td class="nump">R$ 2,243<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_IssuedCapitalMember', window );">Share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract', window );"><strong>Related-party balances and transactions (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Capital increase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=pags_ShareCapitalMember', window );">Share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract', window );"><strong>Related-party balances and transactions (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Capital increase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 36,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember', window );">The PagSeguro Brazil Group is controlled by UOL (incorporated in Brazil)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract', window );"><strong>Related-party balances and transactions (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Offset against receivables under the centralized cash management</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_OffsetAgainstReceivablesUnderTheCentralizedCashManagement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PaymentTheRemainingBalanceOfInCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payment the remaining balance of in cash</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PaymentTheRemainingBalanceOfInCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Related-party balances and transactions (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_RelatedpartyBalancesAndTransactionsDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Related-party balances and transactions - Distribution of dividends</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_RelatedpartyBalancesAndTransactionsDistributionOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Settlement related to interest on own capital that was distributed</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SettlementRelatedToInterestOnOwnCapitalThatWasDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_IssuedCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_IssuedCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=pags_ShareCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=pags_ShareCapitalMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_ThePagseguroBrazilGroupIsControlledByUolIncorporatedInBrazilMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738921216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business combinations (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=pags_BookvalueofPurchasedEntitiesMember', window );">Book value of purchased entities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract', window );"><strong>The assets and liabilities arising from the acquisition</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 51<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Assets acquired</a></td>
<td class="nump">2,598<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate', window );">Liabilities assumed</a></td>
<td class="num">(1,312)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment and intangible assets</a></td>
<td class="nump">643<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Value of net assets</a></td>
<td class="nump">1,980<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes', window );">Goodwill</a></td>
<td class="nump">26,184<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="num">(87)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PurchaseCost', window );">Purchase cost</a></td>
<td class="nump">28,077<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=pags_PurchaseAccountingAdjustmentMember', window );">Purchase accounting adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract', window );"><strong>The assets and liabilities arising from the acquisition</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment and intangible assets</a></td>
<td class="nump">2,498<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Value of net assets</a></td>
<td class="nump">2,498<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes', window );">Goodwill</a></td>
<td class="num">(2,498)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=pags_FairvalueofAssetsAndLiabilitiesAcquiredMember', window );">Fair value of assets and liabilities acquired</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract', window );"><strong>The assets and liabilities arising from the acquisition</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="nump">51<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Assets acquired</a></td>
<td class="nump">2,598<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate', window );">Liabilities assumed</a></td>
<td class="num">(1,312)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment and intangible assets</a></td>
<td class="nump">3,141<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Value of net assets</a></td>
<td class="nump">4,478<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes', window );">Goodwill</a></td>
<td class="nump">23,686<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="num">(87)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PurchaseCost', window );">Purchase cost</a></td>
<td class="nump">28,077<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ConsiderationForThePurchaseSettledInCash', window );">Consideration for the purchase settled in cash</a></td>
<td class="nump">22,276<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired', window );">Cash and cash equivalents at the subsidiary acquired</a></td>
<td class="num">(51)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfOtherEquityInstruments', window );">Amount paid on acquisitions less cash and cash equivalents acquired</a></td>
<td class="nump">R$ 22,225<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for cash and cash equivalents acquired in a business combination. [Refer: Cash and cash equivalents; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial liabilities assumed in a business combination. [Refer: Financial liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of goodwill in a business combination that is expected to be deductible for tax purposes. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_k&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillExpectedDeductibleForTaxPurposes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfOtherEquityInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments for equity instruments that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfOtherEquityInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash and cash equivalents at the subsidiary acquired</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CashAndCashEquivalentsAtTheSubsidiaryAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ConsiderationForThePurchaseSettledInCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Consideration for the purchase settled in cash</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ConsiderationForThePurchaseSettledInCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PurchaseCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase cost</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PurchaseCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The assets and liabilities arising from the acquisition</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheAssetsAndLiabilitiesArisingFromTheAcquisitionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=pags_BookvalueofPurchasedEntitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=pags_BookvalueofPurchasedEntitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=pags_PurchaseAccountingAdjustmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=pags_PurchaseAccountingAdjustmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=pags_FairvalueofAssetsAndLiabilitiesAcquiredMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6739504864">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business combinations (Details Text) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Nov. 30, 2017</div></th>
<th class="th"><div>Oct. 03, 2017</div></th>
<th class="th"><div>Aug. 14, 2017</div></th>
<th class="th"><div>May 02, 2017</div></th>
<th class="th"><div>Jan. 31, 2017</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember', window );">BCPS</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BusinessCombinationsDetailsTextAbstract', window );"><strong>Business combinations (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps', window );">PagSeguro Brazil acquired the share capital and obtained the control of BCPS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate', window );">Amount paid in the acquisition, which was settled in cash on that date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 406<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Fair value of the acquired assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">568<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate', window );">Fair value of the assumed liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BargainPurchaseGain', window );">Bargain purchase gain</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 87<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieR2techMember', window );">R2TECH</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BusinessCombinationsDetailsTextAbstract', window );"><strong>Business combinations (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Fair value of the acquired assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 348<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate', window );">Fair value of the assumed liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech', window );">PagSeguro Brazil acquired the share capital and obtained control of R2TECH</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheConsiderationForThePurchase', window );">The consideration for the purchase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 9,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SettledInCashOnTheAcquisitionDate', window );">Settled in cash on the acquisition date</a></td>
<td class="nump">R$ 3,500<span></span>
</td>
<td class="nump">R$ 2,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 460<span></span>
</td>
<td class="nump">R$ 2,940<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,067<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets-Portfolio of customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 768<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsportfolioOfCustomersUsingTheRealDiscountRateWithoutInflationaryEffects', window );">Intangible assets-Portfolio of customers - using the real discount rate (without inflationary effects)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsnoncompetition', window );">Intangible assets-Non-competition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 242<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsnoncompetitionUsingTheRealDiscountRateWithoutInflationaryEffects', window );">Intangible assets-Non-competition - using the real discount rate (without inflationary effects)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets-Right-to-use software</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,488<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsrighttouseSoftwareUsingTheRealDiscountRateWithoutInflationaryEffects', window );">Intangible assets-Right-to-use software - using the real discount rate (without inflationary effects)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember', window );">BIVA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BusinessCombinationsDetailsTextAbstract', window );"><strong>Business combinations (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate', window );">Fair value of the acquired assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 2,350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate', window );">Fair value of the assumed liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">997<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 17,117<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa', window );">PagSeguro Brazil acquired control with the acquisition of interest in Bivaco Holding SA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.31%<span></span>
</td>
<td class="nump">51.41%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AdditionalInterestOfAcquired', window );">Additional interest of acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheTotalConsiderationPaidForThePurchasesWhichWasSettledInCashOnTheAcquisitionDate', window );">The total consideration paid for the purchases, which was settled in cash on the acquisition date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 18,470<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for customer-related intangible assets acquired in a business combination. [Refer: Customer-related intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CustomerrelatedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial assets acquired in a business combination. [Refer: Financial assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for financial liabilities assumed in a business combination. [Refer: Financial liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of goodwill in a business combination that is expected to be deductible for tax purposes. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_k&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillExpectedDeductibleForTaxPurposes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for technology-based intangible assets acquired in a business combination. [Refer: Technology-based intangible assets [member]; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TechnologybasedIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AdditionalInterestOfAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional interest of acquired</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AdditionalInterestOfAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount paid in the acquisition, which was settled in cash on that date</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AmountPaidInTheAcquisitionWhichWasSettledInCashOnThatDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BargainPurchaseGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Bargain purchase gain</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BargainPurchaseGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BusinessCombinationsDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Business combinations (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BusinessCombinationsDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsnoncompetition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets&#8212;Non-competition</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsnoncompetition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsnoncompetitionUsingTheRealDiscountRateWithoutInflationaryEffects">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets&#8212;Non-competition - using the real discount rate (without inflationary effects)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsnoncompetitionUsingTheRealDiscountRateWithoutInflationaryEffects</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsportfolioOfCustomersUsingTheRealDiscountRateWithoutInflationaryEffects">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets&#8212;Portfolio of customers - using the real discount rate (without inflationary effects)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsportfolioOfCustomersUsingTheRealDiscountRateWithoutInflationaryEffects</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsrighttouseSoftwareUsingTheRealDiscountRateWithoutInflationaryEffects">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets&#8212;Right-to-use software - using the real discount rate (without inflationary effects)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsrighttouseSoftwareUsingTheRealDiscountRateWithoutInflationaryEffects</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Brazil acquired control with the acquisition of interest in Bivaco Holding SA</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroBrazilAcquiredControlWithTheAcquisitionOfInterestInBivacoHoldingSa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Brazil acquired the share capital and obtained control of R2TECH</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedControlOfRtech</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Brazil acquired the share capital and obtained the control of BCPS</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroBrazilAcquiredTheShareCapitalAndObtainedTheControlOfBcps</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SettledInCashOnTheAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Settled in cash on the acquisition date</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SettledInCashOnTheAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheConsiderationForThePurchase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consideration for the purchase</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheConsiderationForThePurchase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheTotalConsiderationPaidForThePurchasesWhichWasSettledInCashOnTheAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total consideration paid for the purchases, which was settled in cash on the acquisition date</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheTotalConsiderationPaidForThePurchasesWhichWasSettledInCashOnTheAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBcpsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738601264">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Property and equipment (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">R$ 10,889<span></span>
</td>
<td class="nump">R$ 4,558<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Data processing equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">5,910<span></span>
</td>
<td class="nump">3,882<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">4,294<span></span>
</td>
<td class="nump">408<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fittings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">331<span></span>
</td>
<td class="nump">150<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">234<span></span>
</td>
<td class="nump">85<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">90<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">16,607<span></span>
</td>
<td class="nump">8,464<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Data processing equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">11,024<span></span>
</td>
<td class="nump">7,574<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">52<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Machinery and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">4,738<span></span>
</td>
<td class="nump">548<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Furniture and fittings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">397<span></span>
</td>
<td class="nump">190<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Leasehold improvements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">263<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">132<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">(5,718)<span></span>
</td>
<td class="num">(3,906)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Data processing equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">(5,114)<span></span>
</td>
<td class="num">(3,692)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">(23)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Machinery and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">(444)<span></span>
</td>
<td class="num">(140)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Furniture and fittings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">(66)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Leasehold improvements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">(29)<span></span>
</td>
<td class="num">R$ (15)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract', window );"><strong>Property and equipment is composed as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="num">R$ (42)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PropertyAndEquipmentIsComposedAsFollowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property and equipment is composed as follows</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740491008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">R$ 7,873<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">271<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,812)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">10,889<span></span>
</td>
<td class="nump">R$ 4,558<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">16,607<span></span>
</td>
<td class="nump">8,464<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">(5,718)<span></span>
</td>
<td class="num">(3,906)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Data processing equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentOpeningBalance', window );">Opening balance</a></td>
<td class="nump">3,882<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">3,316<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">134<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,422)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">5,910<span></span>
</td>
<td class="nump">3,882<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Data processing equipment | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">11,024<span></span>
</td>
<td class="nump">7,574<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Data processing equipment | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">(5,114)<span></span>
</td>
<td class="num">(3,692)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentOpeningBalance', window );">Opening balance</a></td>
<td class="nump">33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Facilities | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">52<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Facilities | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">(23)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentOpeningBalance', window );">Opening balance</a></td>
<td class="nump">408<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">4,171<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">19<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(304)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">4,294<span></span>
</td>
<td class="nump">408<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery and equipment | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">4,738<span></span>
</td>
<td class="nump">548<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery and equipment | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">(444)<span></span>
</td>
<td class="num">(140)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fittings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentOpeningBalance', window );">Opening balance</a></td>
<td class="nump">150<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">176<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(26)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">331<span></span>
</td>
<td class="nump">150<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fittings | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">397<span></span>
</td>
<td class="nump">190<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fittings | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">(66)<span></span>
</td>
<td class="num">(40)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PropertyAndEquipmentOpeningBalance', window );">Opening balance</a></td>
<td class="nump">85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">94<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">69<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(14)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">234<span></span>
</td>
<td class="nump">85<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">263<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">(29)<span></span>
</td>
<td class="num">R$ (15)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsPropertyPlantAndEquipment', window );">Purchases</a></td>
<td class="nump">114<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(42)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">90<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="nump">132<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract', window );"><strong>Changes in cost and accumulated depreciation were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Net book value</a></td>
<td class="num">R$ (42)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AcquisitionOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Acquisition of subsidiary</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AcquisitionOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AcquisitionsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Acquisitions Property Plant And Equipment</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AcquisitionsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in cost and accumulated depreciation were as follows</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ChangesInCostAndAccumulatedDepreciationWereAsFollowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PropertyAndEquipmentOpeningBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property and equipment - Opening balance</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PropertyAndEquipmentOpeningBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6740140528">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Intangible assets (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 158,868<span></span>
</td>
<td class="nump">R$ 86,108<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Expenditures related to software and technology</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">125,825<span></span>
</td>
<td class="nump">82,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software licenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,467<span></span>
</td>
<td class="nump">3,977<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,890<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">23,686<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">276,667<span></span>
</td>
<td class="nump">149,382<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Expenditures related to software and technology</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">241,490<span></span>
</td>
<td class="nump">143,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Software licenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,510<span></span>
</td>
<td class="nump">5,393<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Customer relationships</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,981<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost | Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">23,686<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(117,799)<span></span>
</td>
<td class="num">(63,274)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Expenditures related to software and technology</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(115,665)<span></span>
</td>
<td class="num">(61,858)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Software licenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,043)<span></span>
</td>
<td class="num">R$ (1,416)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization | Customer relationships</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAbstract', window );"><strong>Intangible assets are composed as follows</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (91)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">PagSeguro Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives, within a range from three to five years.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Goodwill provided on the acquisition of the companies R2TECH and BIVA as described in Note 10.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsAbstract</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6730675008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAndGoodwillAtBeginningOfPeriod', window );">Opening balance</a></td>
<td class="nump">R$ 86,108<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsIntangibleAssets', window );">Additions</a></td>
<td class="nump">125,856<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">1,429<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(54,526)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">158,868<span></span>
</td>
<td class="nump">R$ 86,108<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">276,667<span></span>
</td>
<td class="nump">149,382<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="num">(117,799)<span></span>
</td>
<td class="num">(63,274)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Expenditures related to software and technology</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAndGoodwillAtBeginningOfPeriod', window );">Opening balance</a></td>
<td class="nump">82,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsIntangibleAssets', window );">Additions</a></td>
<td class="nump">97,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(53,807)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">125,825<span></span>
</td>
<td class="nump">82,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Expenditures related to software and technology | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">241,490<span></span>
</td>
<td class="nump">143,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember', window );">Expenditures related to software and technology | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="num">(115,665)<span></span>
</td>
<td class="num">(61,858)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAndGoodwillAtBeginningOfPeriod', window );">Opening balance</a></td>
<td class="nump">3,977<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsIntangibleAssets', window );">Additions</a></td>
<td class="nump">1,210<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsAcquisitionOfSubsidiary', window );">Acquisition of subsidiary</a></td>
<td class="nump">1,419<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfer</a></td>
<td class="nump">1,488<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(627)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">7,467<span></span>
</td>
<td class="nump">3,977<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software licenses | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">9,510<span></span>
</td>
<td class="nump">5,393<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software licenses | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="num">(2,043)<span></span>
</td>
<td class="num">R$ (1,416)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsIntangibleAssets', window );">Additions</a></td>
<td class="nump">971<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfer</a></td>
<td class="nump">1,010<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(91)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">1,890<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">1,981<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships | Accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="num">(91)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AcquisitionsIntangibleAssets', window );">Additions</a></td>
<td class="nump">26,184<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfer</a></td>
<td class="num">(2,498)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">23,686<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill | Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Changes in cost and accumulated amortization were as follows</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Net book value</a></td>
<td class="nump">R$ 23,686<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AcquisitionsIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Acquisitions Intangible Assets</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AcquisitionsIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsAcquisitionOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets - Acquisition of subsidiary</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsAcquisitionOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsAndGoodwillAtBeginningOfPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets and goodwill at beginning of period</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsAndGoodwillAtBeginningOfPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>107
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725600288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets (Details Text)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IntangibleAssetsDetailsTextAbstract', window );"><strong>Intangible Assets Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill', window );">The PagSeguro Brazil Group capitalizes the expenses incurred with the development of platforms, which are amortized over the useful lives</a></td>
<td class="text">three to five years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amortisation method used for intangible assets other than goodwill with finite useful lives. [Refer: Intangible assets other than goodwill; Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationMethodIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IntangibleAssetsDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Intangible assets (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IntangibleAssetsDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725547712">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Payables to third parties (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesAbstract', window );"><strong>Trade and other payables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PayablesToThirdParties', window );">Payables to third parties</a></td>
<td class="nump">R$ 3,080,569<span></span>
</td>
<td class="nump">R$ 1,304,031<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PayablesToThirdParties', window );">Total</a></td>
<td class="nump">R$ 3,080,569<span></span>
</td>
<td class="nump">R$ 1,304,031<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PayablesToThirdParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payables to third parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PayablesToThirdParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6730989312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Borrowings (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Average annual interest rate%</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">R$ 205,204<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=pags_BankBorrowingsAMember', window );">Bank Borrowings (A) | Fixed interest rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Average annual interest rate%</a></td>
<td class="nump">2.36365%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">January 2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">R$ 133,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=pags_BankBorrowingsBMember', window );">Bank Borrowings (B) | Fixed interest rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Borrowings</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Average annual interest rate%</a></td>
<td class="nump">2.8645%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="text">March 2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">R$ 71,330<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=pags_BankBorrowingsAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=pags_BankBorrowingsAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=pags_BankBorrowingsBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=pags_BankBorrowingsBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6739529760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Borrowings (Details Text) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Sep. 30, 2016</div></th>
<th class="th"><div>Jul. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BorrowingsDetailsTextAbstract', window );"><strong>Borrowings (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 205,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowings, interest rate</a></td>
<td class="nump">110.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=pags_ForeignCurrencyMember', window );">Foreign currency | United States of America, Dollars</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BorrowingsDetailsTextAbstract', window );"><strong>Borrowings (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 21,766<span></span>
</td>
<td class="nump">R$ 40,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=pags_EquivalentToApproximatelyRSMember', window );">Equivalent to approximately R$</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BorrowingsDetailsTextAbstract', window );"><strong>Borrowings (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 70,000<span></span>
</td>
<td class="nump">R$ 129,390<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BorrowingsDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Borrowings (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BorrowingsDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=pags_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=pags_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=currency_USD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=currency_USD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=pags_EquivalentToApproximatelyRSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=pags_EquivalentToApproximatelyRSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>111
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738722624">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Salaries and social charges (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesAbstract', window );"><strong>Salaries and social charges [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesProfitSharing', window );">Profit sharing</a></td>
<td class="nump">R$ 15,237<span></span>
</td>
<td class="nump">R$ 8,696<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesSalariesPayable', window );">Salaries payable</a></td>
<td class="nump">2,758<span></span>
</td>
<td class="nump">1,682<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesSocialCharges', window );">Social charges</a></td>
<td class="nump">5,102<span></span>
</td>
<td class="nump">3,225<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesPayrollAccruals', window );">Payroll accruals</a></td>
<td class="nump">9,807<span></span>
</td>
<td class="nump">5,877<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialChargesOther', window );">Other</a></td>
<td class="nump">1,365<span></span>
</td>
<td class="nump">789<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SalariesAndSocialCharges', window );">Total</a></td>
<td class="nump">R$ 34,269<span></span>
</td>
<td class="nump">R$ 20,269<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialChargesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialChargesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialChargesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges - Other</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialChargesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialChargesPayrollAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges - Payroll accruals</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialChargesPayrollAccruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialChargesProfitSharing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges - Profit sharing</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialChargesProfitSharing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialChargesSalariesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges - Salaries payable</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialChargesSalariesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SalariesAndSocialChargesSocialCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salaries and social charges - Social charges</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SalariesAndSocialChargesSocialCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731792688">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Taxes and contributions (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TaxesAbstract', window );"><strong>Taxes [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ServicesTax', window );">Services tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 14,837<span></span>
</td>
<td class="nump">R$ 1,382<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ValueaddedTaxOnSalesAndServices', window );">Value-added tax on sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">3,830<span></span>
</td>
<td class="nump">3,596<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SocialIntegrationProgram', window );">Social integration program</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">9,918<span></span>
</td>
<td class="nump">2,690<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SocialContributionOnRevenues', window );">Social contribution on revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">59,358<span></span>
</td>
<td class="nump">16,544<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IncomeTaxAndSocialContribution', window );">Income tax and social contribution</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">35,474<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TaxesOther', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,264<span></span>
</td>
<td class="nump">690<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TaxesTotal', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">124,681<span></span>
</td>
<td class="nump">24,902<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_JudicialDepositsAbstract', window );"><strong>Judicial deposits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_JudicialDepositsServicesTax', window );">Services tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(11,375)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_JudicialDepositsValueaddedTaxOnSalesAndServices', window );">Value-added tax on sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(2,665)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_JudicialDepositsSocialIntegrationProgram', window );">Social integration program</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(8,188)<span></span>
</td>
<td class="num">(2,516)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_JudicialDepositsSocialContributionOnRevenues', window );">Social contribution on revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(50,389)<span></span>
</td>
<td class="num">(15,475)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_JudicialDepositsTotal', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">(72,617)<span></span>
</td>
<td class="num">(17,991)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 52,064<span></span>
</td>
<td class="nump">R$ 6,911<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to taxes on revenue of transaction activities.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers to the Value-added Tax on Sales and Services (ICMS) amounts due by Net+Phone, related to tax substitution and tax rate differential, applied on sales of credit and debit card readers.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Refers to the income tax and social contribution payable on current income taxes and contribution.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">PagSeguro Group obtained court decisions to deposit the amount related to the payments in escrow for matters discussed in items 'i', 'ii' and 'iii' above.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IncomeTaxAndSocialContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income tax and social contribution</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IncomeTaxAndSocialContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_JudicialDepositsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Judicial deposits</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_JudicialDepositsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_JudicialDepositsServicesTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Judicial deposits - Services tax</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_JudicialDepositsServicesTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_JudicialDepositsSocialContributionOnRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Judicial deposits - Social contribution on revenues</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_JudicialDepositsSocialContributionOnRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_JudicialDepositsSocialIntegrationProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Judicial deposits - Social integration program</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_JudicialDepositsSocialIntegrationProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_JudicialDepositsTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Judicial deposits - Total</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_JudicialDepositsTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_JudicialDepositsValueaddedTaxOnSalesAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Judicial deposits - Value-added tax on sales and services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_JudicialDepositsValueaddedTaxOnSalesAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ServicesTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Services tax</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ServicesTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SocialContributionOnRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Social contribution on revenues</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SocialContributionOnRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SocialIntegrationProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Social integration program</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SocialIntegrationProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TaxesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TaxesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TaxesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes - Other</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TaxesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TaxesTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes - Total</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TaxesTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ValueaddedTaxOnSalesAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value-added tax on sales and services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ValueaddedTaxOnSalesAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6609780576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Provision for contingencies (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisionsAbstract', window );"><strong>Current provisions [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProvisionForCivilContingencies', window );">Civil</a></td>
<td class="nump">R$ 4,326<span></span>
</td>
<td class="nump">R$ 555<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProvisionForLaborContingencies', window );">Labor</a></td>
<td class="nump">322<span></span>
</td>
<td class="nump">125<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Total</a></td>
<td class="nump">R$ 4,648<span></span>
</td>
<td class="nump">R$ 680<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProvisionForCivilContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for civil contingencies</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProvisionForCivilContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProvisionForLaborContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for labor contingencies</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProvisionForLaborContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6739911552">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Provision for contingencies (Details Text) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProvisionForContingenciesDetailsTextAbstract', window );"><strong>Provision For Contingencies Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermLegalProceedingsProvision', window );">Tax lawsuits classified as possible losses</a></td>
<td class="nump">R$ 29,726<span></span>
</td>
<td class="nump">R$ 25,800<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermLegalProceedingsProvision">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provision for legal proceedings. [Refer: Legal proceedings provision]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Section Example 10 A court case<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=sect_Example10Acourtcase&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 87<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_87&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermLegalProceedingsProvision</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProvisionForContingenciesDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for contingencies (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProvisionForContingenciesDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6741345296">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Income tax and social contribution (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred tax</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Included in the statement of income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 10,278<span></span>
</td>
<td class="num">R$ (20,149)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Taken directly to equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,606<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeferredIncomeTaxAndSocialContribution', window );">At December</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,794)<span></span>
</td>
<td class="num">(16,074)<span></span>
</td>
<td class="nump">R$ 469<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxLossesMember', window );">Tax losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred tax</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Included in the statement of income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">436<span></span>
</td>
<td class="num">(2,312)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeferredIncomeTaxAndSocialContribution', window );">At December</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,487<span></span>
</td>
<td class="nump">1,051<span></span>
</td>
<td class="nump">3,363<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember', window );">Tax credit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred tax</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Included in the statement of income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(721)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Taken directly to equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,606<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeferredIncomeTaxAndSocialContribution', window );">At December</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,885<span></span>
</td>
<td class="nump">3,606<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_TechnologicalInovationMember', window );">Technological inovation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred tax</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Included in the statement of income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(16,814)<span></span>
</td>
<td class="num">(18,121)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeferredIncomeTaxAndSocialContribution', window );">At December</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(41,192)<span></span>
</td>
<td class="num">(24,378)<span></span>
</td>
<td class="num">(6,257)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other temporary differences&#8212;ASSETS</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred tax</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Included in the statement of income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,995<span></span>
</td>
<td class="nump">284<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">32,642<span></span>
</td>
<td class="nump">R$ 3,647<span></span>
</td>
<td class="nump">R$ 3,363<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_OtherTemporaryDifferencesliabilityMember', window );">Other temporary differences&#8212;LIABILITY</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred tax</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Included in the statement of income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,616)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeferredIncomeTaxAndSocialContribution', window );">At December</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,616)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The main temporary differences representing the balance of the deferred tax liability refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the tax charges on the capitalized amount of property and equipment.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax related to items credited (charged) directly to equity. [Refer: Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred income tax and social contribution</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DeferredIncomeTaxAndSocialContribution</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_OtherTemporaryDifferencesliabilityMember</td>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Income tax and social contribution (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="nump">R$ 37,015<span></span>
</td>
<td class="nump">R$ 8,305<span></span>
</td>
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<td class="num">(42,809)<span></span>
</td>
<td class="num">(24,378)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2017Member', window );">2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">940<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,126)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2018Member', window );">2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="nump">8,895<span></span>
</td>
<td class="nump">940<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Liabilities</a></td>
<td class="num">(20,728)<span></span>
</td>
<td class="num">(8,126)<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2019Member', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="nump">4,040<span></span>
</td>
<td class="nump">940<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Liabilities</a></td>
<td class="num">(18,008)<span></span>
</td>
<td class="num">(8,126)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2020Member', window );">2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="nump">2,111<span></span>
</td>
<td class="nump">940<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Liabilities</a></td>
<td class="num">(2,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2021Member', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="nump">982<span></span>
</td>
<td class="nump">R$ 4,545<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Liabilities</a></td>
<td class="num">(1,434)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2022Member', window );">2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Assets</a></td>
<td class="nump">20,987<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Liabilities</a></td>
<td class="num">R$ (185)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
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<tr>
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<tr>
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<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2017Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2018Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2019Member</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2020Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2021Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=pags_DeferredTaxAssetsAndLiabilities2022Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731530112">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax and social contribution (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ReconciliationOfTheIncomeTaxAndSocialContributionExpenseAbstract', window );"><strong>Reconciliation Of The Income Tax And Social Contribution Expense [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit for the period before taxes</a></td>
<td class="nump">R$ 683,504<span></span>
</td>
<td class="nump">R$ 155,359<span></span>
</td>
<td class="nump">R$ 40,315<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
</tr>
<tr class="ro">
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<td class="num">R$ (232,391)<span></span>
</td>
<td class="num">R$ (52,822)<span></span>
</td>
<td class="num">R$ (13,707)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PermanentAdditionsExclusionsAbstract', window );"><strong>Permanent additions (exclusions)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ParticipationInTheResultsOfPartnersAndManagers', window );">Participation in the results of partners and managers</a></td>
<td class="num">(314)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(234)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GiftsAndOtherNondeductibleExpenses', window );">Gifts</a></td>
<td class="num">(375)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(149)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RDAndTechnologicalInnovationBenefit', window );">R&amp;D and technological innovation benefit - Law 11.196/05</a></td>
<td class="nump">24,987<span></span>
</td>
<td class="nump">15,898<span></span>
</td>
<td class="nump">11,596<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_InterestOnOwnCapital', window );">Interest on own capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,860<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TaxIncentivesLawRounetArt', window );">Tax Incentives - Law Rounet Art. 18</a></td>
<td class="nump">11,981<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_OtherAdditionsExclusions', window );">Other additions</a></td>
<td class="nump">1,402<span></span>
</td>
<td class="nump">485<span></span>
</td>
<td class="num">(2,333)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IncomeTaxAndSocialContributionExpense', window );">Income tax and social contribution expense</a></td>
<td class="num">(204,711)<span></span>
</td>
<td class="num">(27,580)<span></span>
</td>
<td class="num">(4,826)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Income tax and social contribution - current</a></td>
<td class="num">(214,988)<span></span>
</td>
<td class="num">(7,431)<span></span>
</td>
<td class="num">(2,587)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_IncomeTaxAndSocialContributiondeferred', window );">Income tax and social contribution - deferred</a></td>
<td class="nump">R$ 10,278<span></span>
</td>
<td class="num">R$ (20,149)<span></span>
</td>
<td class="num">R$ (2,239)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ExpectedIncomeTaxAndSocialContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected income tax and social contribution</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ExpectedIncomeTaxAndSocialContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_GiftsAndOtherNondeductibleExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gifts and other non-deductible expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GiftsAndOtherNondeductibleExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IncomeTaxAndSocialContributionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income tax and social contribution expense</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IncomeTaxAndSocialContributionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_IncomeTaxAndSocialContributiondeferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income tax and social contribution-deferred</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IncomeTaxAndSocialContributiondeferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_InterestOnOwnCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on own capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_InterestOnOwnCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_OtherAdditionsExclusions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other additions (exclusions)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_OtherAdditionsExclusions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ParticipationInTheResultsOfPartnersAndManagers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participation in the results of partners and managers</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ParticipationInTheResultsOfPartnersAndManagers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PermanentAdditionsExclusionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Permanent additions (exclusions)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PermanentAdditionsExclusionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_RDAndTechnologicalInnovationBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>R&amp;D and technological innovation benefit-Law 11196/05 (i)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_RDAndTechnologicalInnovationBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ReconciliationOfTheIncomeTaxAndSocialContributionExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reconciliation of the income tax and social contribution expense</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ReconciliationOfTheIncomeTaxAndSocialContributionExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_StatutoryRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Statutory rate</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_StatutoryRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TaxIncentivesLawRounetArt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax Incentives &#8211; Law Rounet Art. 18</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TaxIncentivesLawRounetArt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6729547568">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Equity (Details 1) - shares<br> shares in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><sup>[1]</sup></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ShareCapitalAbstract', window );"><strong>Share capital</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Shares outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">262,288,607<span></span>
</td>
<td class="nump">262,288,607<span></span>
</td>
<td colspan="2" class="nump">220,808,044<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=pags_CapitalizationOfControlPartyRelatedPartyPayableMember', window );">Capitalization of control party related party payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ShareCapitalAbstract', window );"><strong>Share capital</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,305,204<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=pags_IssuanceOfSharesToUolForTransferOfNetphoneAndBoaCompraMember', window );">Issuance of shares to UOL for transfer of Net+Phone and Boa Compra</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ShareCapitalAbstract', window );"><strong>Share capital</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,175,359<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The shareholder UOL increased PagSeguro Brazil share capital on August 1, 2015 by the amount of R$ 329,961 (164,980,523 shares) and on December 30, 2015, by the amount of R$ 69,087 (34,543,522 shares), in the total amount of R$ 399,048, through the transfer of assets and liabilities related to payment operations which had been previously recorded in UOL, thus centralizing these activities in PagSeguro Brazil from thereon, resulting in total shares outstanding at December 31, 2015 of 220,808,044;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On May 31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 26,610 (13,305,204 shares);</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">On May 31 2016, UOL capitalized balances of related parties as a capital contribution in the amount of R$ 36,654 (18,327,103 shares) in Net+Phone. After that, as described in Note 2, in July 2016, UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution in the amount of R$ 56,351 (28,175,359 shares).</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ShareCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ShareCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=pags_CapitalizationOfControlPartyRelatedPartyPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=pags_CapitalizationOfControlPartyRelatedPartyPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=pags_IssuanceOfSharesToUolForTransferOfNetphoneAndBoaCompraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=pags_IssuanceOfSharesToUolForTransferOfNetphoneAndBoaCompraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731735520">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Equity (Details 2) - BRL (R$)<br> R$ / shares in Units, shares in Thousands, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroAbstract', window );"><strong>Pagseguro [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroNetIncomeForTheYear', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 478,781<span></span>
</td>
<td class="nump">R$ 115,727<span></span>
</td>
<td class="nump">R$ 37,010<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroNetInvestment', window );">Net investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(27,209)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroNetIncome', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">478,781<span></span>
</td>
<td class="nump">115,727<span></span>
</td>
<td class="nump">9,801<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TransferToLegalReserve', window );">Transfer to legal reserve (5%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(23,939)<span></span>
</td>
<td class="num">(5,786)<span></span>
</td>
<td class="num">(490)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroAdjustedIncomeForTheYear', window );">Adjusted income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">454,842<span></span>
</td>
<td class="nump">109,941<span></span>
</td>
<td class="nump">9,311<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MandatoryMinimumDividends', window );">Mandatory minimum dividends (1%)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">93<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AdditionalDividendsProposed', window );">Additional dividends proposed</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">234,255<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TotalDividendsDistributed', window );">Total dividends distributed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 238,803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 93<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroInterestOnOwnCapital', window );">Interest on own capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 26,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NumberOfCommonSharesInThousands', window );">Number of common shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">262,289<span></span>
</td>
<td class="nump">262,289<span></span>
</td>
<td class="nump">220,808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends per share (in reais)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 0.9105<span></span>
</td>
<td class="nump">R$ 0.0000<span></span>
</td>
<td class="nump">R$ 0.0004<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_InterestOnOwnCapitalPerShareInReais', window );">Interest on own capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 0.0000<span></span>
</td>
<td class="nump">R$ 0.0994<span></span>
</td>
<td class="nump">R$ 0.0000<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">At the Extraordinary General Shareholders Meeting held on September 29, 2017, PagSeguro Brazil's shareholders approved the distribution of (i) R$142,795 of dividends related to the six-month period ended June 30, 2017 and (ii) R$96,008 in additional dividends related to the year ended December 31, 2016. The total dividends distributed amounted to R$238,803, of which R$184,530 was offset against receivables under the centralized cash management with UOL and the balance of R$54,272 was paid in cash by PagSeguro Brazil to UOL. For further details, see Note 9.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The distribution of interest on own capital was approved in the shareholders' meeting held on December 30, 2016.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2017-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=34&amp;date=2017-03-01&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AdditionalDividendsProposed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional dividends proposed</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AdditionalDividendsProposed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_InterestOnOwnCapitalPerShareInReais">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on own capital per share (in reais)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_InterestOnOwnCapitalPerShareInReais</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_MandatoryMinimumDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Mandatory minimum dividends (1%)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_MandatoryMinimumDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_NumberOfCommonSharesInThousands">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common shares (in thousands)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_NumberOfCommonSharesInThousands</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pagseguro</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroAdjustedIncomeForTheYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pagseguro - Adjusted income for the year</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroAdjustedIncomeForTheYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroInterestOnOwnCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pagseguro - Interest on own capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroInterestOnOwnCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroNetIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pagseguro - Net income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroNetIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroNetIncomeForTheYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pagseguro - Net income for the year</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroNetIncomeForTheYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroNetInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Pagseguro - Net investment</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroNetInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TotalDividendsDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total dividends distributed</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TotalDividendsDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TransferToLegalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Transfer to legal reserve (5%)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TransferToLegalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725888480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Details 3) - BRL (R$)<br> R$ / shares in Units, shares in Thousands, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraAbstract', window );"><strong>Boa Compra [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraNetIncomeForTheYear', window );">Net income for the year</a></td>
<td class="nump">R$ 5,715<span></span>
</td>
<td class="nump">R$ 4,858<span></span>
</td>
<td class="nump">R$ 1,625<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraAdjustedIncomeForTheYear', window );">Adjusted income for the year</a></td>
<td class="nump">R$ 5,715<span></span>
</td>
<td class="nump">R$ 4,858<span></span>
</td>
<td class="nump">1,625<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraMandatoryMinimumDividends', window );">Mandatory minimum dividends (1%)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraAdditionalDividendsProposed', window );">Additional dividends proposed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraTotalDividendsDistributed', window );">Total dividends distributed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 81<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraNumberOfCommonSharesInThousands', window );">Number of common shares</a></td>
<td class="nump">5,381,317<span></span>
</td>
<td class="nump">5,381,317<span></span>
</td>
<td class="nump">198,557<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_BoaCompraDividendsPerShareInReais', window );">Dividends per share (in reais)</a></td>
<td class="nump">R$ 0.0000<span></span>
</td>
<td class="nump">R$ 0.0000<span></span>
</td>
<td class="nump">R$ 0.4079<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraAdditionalDividendsProposed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Additional dividends proposed</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraAdditionalDividendsProposed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraAdjustedIncomeForTheYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Adjusted income for the year</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraAdjustedIncomeForTheYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraDividendsPerShareInReais">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Dividends per share (in reais)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraDividendsPerShareInReais</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraMandatoryMinimumDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Mandatory minimum dividends (1%)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraMandatoryMinimumDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraNetIncomeForTheYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Net income for the year</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraNetIncomeForTheYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraNumberOfCommonSharesInThousands">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Number of common shares (in thousands)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraNumberOfCommonSharesInThousands</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_BoaCompraTotalDividendsDistributed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boa Compra - Total dividends distributed</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_BoaCompraTotalDividendsDistributed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738231808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity (Details Text) - BRL (R$)<br> shares in Thousands, R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Sep. 29, 2017</div></th>
<th class="th"><div>Jul. 31, 2016</div></th>
<th class="th"><div>May 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 30, 2015</div></th>
<th class="th"><div>Aug. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityDetailsTextAbstract', window );"><strong>Equity (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital', window );">The shareholder UOL increased the PagSeguro Brazil share capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 69,087<span></span>
</td>
<td class="nump">R$ 329,961<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapitalShares', window );">The shareholder UOL increased the PagSeguro Brazil share capital - Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,543,522<span></span>
</td>
<td class="nump">164,980,523<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapitalTotal', window );">The shareholder UOL increased the PagSeguro Brazil share capital - Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 399,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContribution', window );">UOL capitalized balances of related parties as a capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 26,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionShares', window );">UOL capitalized balances of related parties as a capital contribution - Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,305,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphone', window );">UOL capitalized balances of related parties as a capital contribution, in Net+Phone</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 36,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphoneShares', window );">UOL capitalized balances of related parties as a capital contribution, in Net+Phone - Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,327,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_UolTransferredItsInvestmentInBoaCompraAndNetphoneToPagseguroBrazilAsCapitalContribution', window );">UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 56,351<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_UolTransferredItsInvestmentInBoaCompraAndNetphoneToPagseguroBrazilAsCapitalContributionShares', window );">UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution - Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,175,359<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling', window );">PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling</a></td>
<td class="nump">R$ 312,047<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProfitWillBeDistributedAsDividendsToTheShareholders', window );">Profit of PagSeguro Brazil will be distributed as dividends to the shareholders</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DistribuitionOfDividendsRelatedSixMonthsDe2017', window );">Distribuition of dividends related six months de 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 142,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DistribuitionOfDividendsRelatedYear', window );">Distribuition of dividends related year 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 96,008<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheTotalDividendsDistributedAmounted', window );">The total dividends distributed amounted</a></td>
<td class="nump">R$ 238,803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol', window );">Dividends distributed, offset against receivables under the centralized cash management with UOL</a></td>
<td class="nump">184,530<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol', window );">Dividends distributed, paid in cash by PagSeguro Brazil to UOL</a></td>
<td class="nump">R$ 54,272<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AnnualProfitAxis=pags_AnnualProfitMember', window );">Annual profit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityDetailsTextAbstract', window );"><strong>Equity (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheLegalReserveIsEstablishedPursuantToTheBylaws', window );">The legal reserve is established pursuant to the bylaws</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AnnualProfitAxis=pags_AnnualProfitLimitOfMember', window );">Annual profit - limit of</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityDetailsTextAbstract', window );"><strong>Equity (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TheLegalReserveIsEstablishedPursuantToTheBylaws', window );">The legal reserve is established pursuant to the bylaws</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_EquityDetailsTextAbstract', window );"><strong>Equity (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding', window );">Increase (decrease) in number of shares outstanding</a></td>
<td class="nump">524,577,214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SharesOutstanding', window );">Shares outstanding</a></td>
<td class="nump">262,288,607<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">220,808,044<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the number of shares outstanding. [Refer: Number of shares outstanding]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DistribuitionOfDividendsRelatedSixMonthsDe2017">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Distribuition of dividends related six months de 2017</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DistribuitionOfDividendsRelatedSixMonthsDe2017</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DistribuitionOfDividendsRelatedYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Distribuition of dividends related year 2016</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DistribuitionOfDividendsRelatedYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends distributed, offset against receivables under the centralized cash management with UOL</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DividendsDistributedOffsetAgainstReceivablesUnderTheCentralizedCashManagementWithUol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividends distributed, paid in cash by PagSeguro Brazil to UOL</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DividendsDistributedPaidInCashByPagseguroBrazilToUol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_EquityDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_EquityDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Brazil management is proposing the establishment of a profit retention reserve totaling</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroBrazilManagementIsProposingTheEstablishmentOfProfitRetentionReserveTotaling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProfitWillBeDistributedAsDividendsToTheShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Profit will be distributed as dividends to the shareholders</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProfitWillBeDistributedAsDividendsToTheShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Shares outstanding</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheLegalReserveIsEstablishedPursuantToTheBylaws">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The legal reserve is established pursuant to the bylaws</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheLegalReserveIsEstablishedPursuantToTheBylaws</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The shareholder UOL increased the PagSeguro Brazil share capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapitalShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The shareholder UOL increased the PagSeguro Brazil share capital - Shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapitalShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapitalTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The shareholder UOL increased the PagSeguro Brazil share capital - Total</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheShareholderUolIncreasedThePagseguroBrazilShareCapitalTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TheTotalDividendsDistributedAmounted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total dividends distributed amounted</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TheTotalDividendsDistributedAmounted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>UOL capitalized balances of related parties as a capital contribution</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphone">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>UOL capitalized balances of related parties as a capital contribution, in Net+Phone</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphone</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphoneShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>UOL capitalized balances of related parties as a capital contribution, in Net+Phone - Shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionInNetphoneShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>UOL capitalized balances of related parties as a capital contribution - Shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_UolCapitalizedBalancesOfRelatedPartiesAsCapitalContributionShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_UolTransferredItsInvestmentInBoaCompraAndNetphoneToPagseguroBrazilAsCapitalContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_UolTransferredItsInvestmentInBoaCompraAndNetphoneToPagseguroBrazilAsCapitalContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_UolTransferredItsInvestmentInBoaCompraAndNetphoneToPagseguroBrazilAsCapitalContributionShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>UOL transferred its investment in Boa Compra and Net+Phone to PagSeguro Brazil, as a capital contribution - Shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_UolTransferredItsInvestmentInBoaCompraAndNetphoneToPagseguroBrazilAsCapitalContributionShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AnnualProfitAxis=pags_AnnualProfitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AnnualProfitAxis=pags_AnnualProfitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AnnualProfitAxis=pags_AnnualProfitLimitOfMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AnnualProfitAxis=pags_AnnualProfitLimitOfMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R95.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725732656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Details 1) - BRL (R$)<br> R$ / shares in Units, shares in Thousands, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Profit attributable to owners of the Company</a></td>
<td class="nump">R$ 478,781<span></span>
</td>
<td class="nump">R$ 127,186<span></span>
</td>
<td class="nump">R$ 35,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of common shares</a></td>
<td class="nump">262,288,607<span></span>
</td>
<td class="nump">262,288,607<span></span>
</td>
<td class="nump">262,288,607<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted earnings per share - in reais</a></td>
<td class="nump">R$ 1.8254<span></span>
</td>
<td class="nump">R$ 0.4849<span></span>
</td>
<td class="nump">R$ 0.1338<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>123
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731855952">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Total revenue and Income (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_RevenueAndIncomeAbstract', window );"><strong>Revenue And Income [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GrossRevenueFromTransactionActivitiesAndOtherServices', window );">Gross revenue from transaction activities and other services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,391,381<span></span>
</td>
<td class="nump">R$ 543,818<span></span>
</td>
<td class="nump">R$ 305,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GrossRevenueFromSales', window );">Gross revenue from sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">655,153<span></span>
</td>
<td class="nump">371,517<span></span>
</td>
<td class="nump">238,947<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GrossFinancialIncome', window );">Gross financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">858,410<span></span>
</td>
<td class="nump">411,413<span></span>
</td>
<td class="nump">243,566<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_OtherFinancialIncome', window );">Other financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,576<span></span>
</td>
<td class="nump">5,337<span></span>
</td>
<td class="nump">10,744<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TotalGrossRevenueAndIncome', window );">Total gross revenue and income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,913,520<span></span>
</td>
<td class="nump">1,332,085<span></span>
</td>
<td class="nump">798,556<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeductionsFromGrossRevenueFromTransactionActivitiesAndOtherServices', window );">Deductions from gross revenue from transactions&#160;activities and other services</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(167,120)<span></span>
</td>
<td class="num">(63,793)<span></span>
</td>
<td class="num">(37,101)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeductionsFromGrossRevenueFromSales', window );">Deductions from gross revenue from sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(183,229)<span></span>
</td>
<td class="num">(110,923)<span></span>
</td>
<td class="num">(62,430)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DeductionsFromGrossFinancialIncome', window );">Deductions from gross financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(39,786)<span></span>
</td>
<td class="num">(18,984)<span></span>
</td>
<td class="num">(24,104)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TotalDeductionsFromGrossRevenueAndIncome', window );">Total deductions from gross revenue and income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(390,135)<span></span>
</td>
<td class="num">(193,700)<span></span>
</td>
<td class="num">(123,635)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Total revenue and income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,523,385<span></span>
</td>
<td class="nump">R$ 1,138,385<span></span>
</td>
<td class="nump">R$ 674,920<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes (a) interest from early payment related to the discount of notes payable to third parties paid in advance and (b) interest on note receivables due in installments.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Deductions consist of services taxes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The deductions are composed of sales taxes and returns.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Deductions consist of taxes on financial income.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DeductionsFromGrossFinancialIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deductions from gross financial income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DeductionsFromGrossFinancialIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DeductionsFromGrossRevenueFromSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deductions from gross revenue from sales</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DeductionsFromGrossRevenueFromSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DeductionsFromGrossRevenueFromTransactionActivitiesAndOtherServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deductions from gross revenue from transaction activities and other services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DeductionsFromGrossRevenueFromTransactionActivitiesAndOtherServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_GrossFinancialIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross financial income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GrossFinancialIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_GrossRevenueFromSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross revenue from sales</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GrossRevenueFromSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_GrossRevenueFromTransactionActivitiesAndOtherServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross revenue from transaction activities and other services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GrossRevenueFromTransactionActivitiesAndOtherServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_OtherFinancialIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other financial income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_OtherFinancialIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_RevenueAndIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue and Income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_RevenueAndIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TotalDeductionsFromGrossRevenueAndIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total deductions from gross revenue and income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TotalDeductionsFromGrossRevenueAndIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TotalGrossRevenueAndIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total gross revenue and income</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TotalGrossRevenueAndIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731757312">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Expenses by nature (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Expenses by nature [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TransactionsCosts', window );">Transactions costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (661,067)<span></span>
</td>
<td class="num">R$ (283,630)<span></span>
</td>
<td class="num">R$ (145,969)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CostOfGoodsSold', window );">Cost of goods sold</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(451,635)<span></span>
</td>
<td class="num">(233,419)<span></span>
</td>
<td class="num">(178,608)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdvertisingExpense', window );">Marketing and advertising</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(275,394)<span></span>
</td>
<td class="num">(204,857)<span></span>
</td>
<td class="num">(153,467)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfessionalFeesExpense', window );">Personnel expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(105,794)<span></span>
</td>
<td class="num">(63,280)<span></span>
</td>
<td class="num">(48,130)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesByNatureFinancialExpenses', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(104,544)<span></span>
</td>
<td class="num">(68,301)<span></span>
</td>
<td class="num">(29,696)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_Chargebacks', window );">Chargebacks</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(47,854)<span></span>
</td>
<td class="num">(31,557)<span></span>
</td>
<td class="num">(27,490)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesByNatureDepreciationAndAmortization', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(51,571)<span></span>
</td>
<td class="num">(31,246)<span></span>
</td>
<td class="num">(18,580)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesByNatureOther', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(142,022)<span></span>
</td>
<td class="num">(66,737)<span></span>
</td>
<td class="num">(32,665)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,839,881)<span></span>
</td>
<td class="num">(983,027)<span></span>
</td>
<td class="num">(634,606)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ClassifiedAsAbstract', window );"><strong>Classified as:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServicesExpense', window );">Cost of services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(829,661)<span></span>
</td>
<td class="num">(357,811)<span></span>
</td>
<td class="num">(191,710)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ExpensesByNatureCostOfSales', window );">Cost of sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(494,719)<span></span>
</td>
<td class="num">(265,856)<span></span>
</td>
<td class="num">(190,773)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Selling expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(245,759)<span></span>
</td>
<td class="num">(199,937)<span></span>
</td>
<td class="num">(162,642)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(153,177)<span></span>
</td>
<td class="num">(84,461)<span></span>
</td>
<td class="num">(61,129)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ClassifiedAsFinancialExpenses', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(104,544)<span></span>
</td>
<td class="num">(68,301)<span></span>
</td>
<td class="num">(29,696)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other (expenses) income, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,021)<span></span>
</td>
<td class="num">(6,660)<span></span>
</td>
<td class="nump">1,345<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,839,881)<span></span>
</td>
<td class="num">R$ (983,027)<span></span>
</td>
<td class="num">R$ (634,606)<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Our financial expenses include (a) the charges we incur to obtain early payment of receivables owed to us by card issuers and acquirers in order to finance our early payment of receivables feature for merchants, (b) interest expense on our other borrowings and (c) the cost of swaps relating to our foreign currency borrowings.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Chargebacks refer to losses recognized in the period reflecting the risks of fraud associated with card processing operations, as detailed in Note 24 (iii).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below:</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfessionalFeesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for professional services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfessionalFeesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_Chargebacks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Chargebacks</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_Chargebacks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ClassifiedAsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Classified as</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ClassifiedAsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ClassifiedAsFinancialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Classified as - Financial expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ClassifiedAsFinancialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CostOfGoodsSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of goods sold</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CostOfGoodsSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ExpensesByNatureCostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses by nature - Cost of sales</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ExpensesByNatureCostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ExpensesByNatureDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses by nature - Depreciation and amortization</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ExpensesByNatureDepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ExpensesByNatureFinancialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses by nature - Financial expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ExpensesByNatureFinancialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ExpensesByNatureOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses by nature - Other</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ExpensesByNatureOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TransactionsCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Transactions costs</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TransactionsCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6732537248">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Expenses by nature (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationAbstract', window );"><strong>Depreciation [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationCostOfSalesAndServices', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,088)<span></span>
</td>
<td class="num">R$ (895)<span></span>
</td>
<td class="num">R$ (904)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationSellingExpenses', window );">Selling expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10)<span></span>
</td>
<td class="num">(11)<span></span>
</td>
<td class="num">(27)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationAdministrativeExpenses', window );">Administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(714)<span></span>
</td>
<td class="num">(371)<span></span>
</td>
<td class="num">(393)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,812)<span></span>
</td>
<td class="num">(1,277)<span></span>
</td>
<td class="num">(1,324)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AmortizationAbstract', window );"><strong>Amortization</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AmortizationCostOfSalesAndServices', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(54,151)<span></span>
</td>
<td class="num">(32,846)<span></span>
</td>
<td class="num">(18,377)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AmortizationAdministrativeExpenses', window );">Administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(375)<span></span>
</td>
<td class="num">(59)<span></span>
</td>
<td class="num">(333)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(54,526)<span></span>
</td>
<td class="num">(32,905)<span></span>
</td>
<td class="num">(18,710)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PisAndCofinsCredits', window );">PIS and COFINS credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4,767<span></span>
</td>
<td class="nump">2,936<span></span>
</td>
<td class="nump">1,101<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DepreciationAndAmortizationExpenseNet', window );">Depreciation and amortization expense, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (51,571)<span></span>
</td>
<td class="num">R$ (31,246)<span></span>
</td>
<td class="num">R$ (18,933)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">PagSeguro Brazil has a tax benefit on PIS and COFINS that allows to reduce the depreciation and amortization expenses, when incurred. This tax benefit is recognized directly as a reduction of depreciation and amortization expense.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation expense. Amortisation is the systematic allocation of depreciable amounts of intangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AmortizationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortization</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AmortizationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AmortizationAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortization - Administrative expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AmortizationAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AmortizationCostOfSalesAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortization - Cost of sales and services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AmortizationCostOfSalesAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DepreciationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DepreciationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DepreciationAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation - Administrative expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DepreciationAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DepreciationAndAmortizationExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation and amortization expense, net</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DepreciationAndAmortizationExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DepreciationCostOfSalesAndServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation - Cost of sales and services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DepreciationCostOfSalesAndServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DepreciationSellingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation - Selling expenses</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DepreciationSellingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PisAndCofinsCredits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PIS and COFINS credits</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PisAndCofinsCredits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6726021536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial instruments by category (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MeasuredAtFairValueThroughProfitOrLossAbstract', window );"><strong>Measured At Fair Value Through Profit Or Loss [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Financial investments</a></td>
<td class="nump">R$ 210,103<span></span>
</td>
<td class="nump">R$ 131,239<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_LoansAndReceivablesAbstract', window );"><strong>Loans and receivables:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">66,767<span></span>
</td>
<td class="nump">79,969<span></span>
</td>
<td class="nump">R$ 6,888<span></span>
</td>
<td class="nump">R$ 1,199<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables</a></td>
<td class="nump">3,522,349<span></span>
</td>
<td class="nump">1,715,514<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">124,723<span></span>
</td>
<td class="nump">300,809<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="nump">27,956<span></span>
</td>
<td class="nump">4,495<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="nump">R$ 3,951,898<span></span>
</td>
<td class="nump">R$ 2,232,026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_LoansAndReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loans and receivables</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_LoansAndReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_MeasuredAtFairValueThroughProfitOrLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Measured at fair value through profit or loss</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_MeasuredAtFairValueThroughProfitOrLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6732566816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial instruments by category (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_MeasuredAtFairValueThroughProfitOrLossAbstract', window );"><strong>Measured At Fair Value Through Profit Or Loss [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstruments', window );">Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 6,613<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstruments', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,613<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AmortizedCostAbstract', window );"><strong>Amortized cost:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">R$ 3,080,569<span></span>
</td>
<td class="nump">1,304,031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">92,444<span></span>
</td>
<td class="nump">61,719<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties', window );">Trade payables to related parties</a></td>
<td class="nump">39,101<span></span>
</td>
<td class="nump">76,249<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">205,204<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPayable', window );">Dividends payable and interest on own capital</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">22,243<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables</a></td>
<td class="nump">15,872<span></span>
</td>
<td class="nump">15,244<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="nump">R$ 3,227,986<span></span>
</td>
<td class="nump">R$ 1,684,690<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends payable by means of the distribution of non-cash assets to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRIC<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRIC&amp;num=17&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables due to related parties. [Refer: Related parties [member]; Payables to related parties]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables and other payables. [Refer: Trade payables; Other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AmortizedCostAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amortized cost</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AmortizedCostAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DerivativeFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Derivative financial instruments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DerivativeFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_MeasuredAtFairValueThroughProfitOrLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Measured at fair value through profit or loss</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_MeasuredAtFairValueThroughProfitOrLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731737520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="num">R$ (6,613)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsMaturityAxis=pags_DerivativeFinancialInstrumentsMaturityJan2017Member', window );">Maturity: Jan-2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="num">(5,275)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsMaturityAxis=pags_DerivativeFinancialInstrumentsMaturityMar2017Member', window );">Maturity: Mar-2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="num">(1,338)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsForeignExchangeAndInterestMember', window );">Foreign exchange and interest | Maturity: Jan-2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional value</a></td>
<td class="nump">129,480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="nump">132,761<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsForeignExchangeAndInterestMember', window );">Foreign exchange and interest | Maturity: Mar-2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional value</a></td>
<td class="nump">70,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="nump">71,537<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsInterbankDepositCertificateCdiMember', window );">Interbank Deposit Certificate (CDI) | Maturity: Jan-2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional value</a></td>
<td class="num">(129,480)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="num">(138,036)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsInterbankDepositCertificateCdiMember', window );">Interbank Deposit Certificate (CDI) | Maturity: Mar-2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_DerivativeFinancialInstrumentsAbstract', window );"><strong>Derivative financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional value</a></td>
<td class="num">(70,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Fair value</a></td>
<td class="num">R$ (72,875)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DerivativeFinancialInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Derivative financial instruments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DerivativeFinancialInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DerivativeFinancialInstrumentsMaturityAxis=pags_DerivativeFinancialInstrumentsMaturityJan2017Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DerivativeFinancialInstrumentsMaturityAxis=pags_DerivativeFinancialInstrumentsMaturityJan2017Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DerivativeFinancialInstrumentsMaturityAxis=pags_DerivativeFinancialInstrumentsMaturityMar2017Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DerivativeFinancialInstrumentsMaturityAxis=pags_DerivativeFinancialInstrumentsMaturityMar2017Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsForeignExchangeAndInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsForeignExchangeAndInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsInterbankDepositCertificateCdiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_DerivativeFinancialInstrumentsAxis=pags_DerivativeFinancialInstrumentsInterbankDepositCertificateCdiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6738834240">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AtDecemberAbstract', window );"><strong>At December</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">R$ 3,080,569<span></span>
</td>
<td class="nump">R$ 1,304,031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">92,444<span></span>
</td>
<td class="nump">61,719<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">205,204<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPayable', window );">Dividends payable and interest on own capital</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">22,243<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=pags_DueWithin30DaysMember', window );">Due within 30 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AtDecemberAbstract', window );"><strong>At December</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">2,890,080<span></span>
</td>
<td class="nump">1,228,922<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">81,152<span></span>
</td>
<td class="nump">54,125<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=pags_Duewithin31To120DaysMember', window );">Due within 31 to 120 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AtDecemberAbstract', window );"><strong>At December</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">133,070<span></span>
</td>
<td class="nump">60,396<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">6,032<span></span>
</td>
<td class="nump">4,827<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">208,374<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=pags_DueWithin121To180DaysMember', window );">Due within 121 to 180 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AtDecemberAbstract', window );"><strong>At December</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">31,081<span></span>
</td>
<td class="nump">10,152<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">1,740<span></span>
</td>
<td class="nump">63<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=pags_DueWithin181To360DaysMember', window );">Due within 181 to 360 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AtDecemberAbstract', window );"><strong>At December</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Payables to third parties</a></td>
<td class="nump">26,338<span></span>
</td>
<td class="nump">4,561<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">1,083<span></span>
</td>
<td class="nump">2,704<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToRelatedParties', window );">Trade payables to related parties</a></td>
<td class="nump">39,101<span></span>
</td>
<td class="nump">76,249<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPayable', window );">Dividends payable and interest on own capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,243<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherPayables', window );">Other payables</a></td>
<td class="nump">15,872<span></span>
</td>
<td class="nump">R$ 15,244<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=pags_Dueto361DaysOrMoreDaysMember', window );">Due to 361 days or more days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_AtDecemberAbstract', window );"><strong>At December</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">R$ 2,437<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends payable by means of the distribution of non-cash assets to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRIC<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRIC&amp;num=17&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts payable that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables and other payables. [Refer: Trade payables; Other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables due to related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AtDecemberAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>At December</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AtDecemberAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=pags_DueWithin30DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=pags_DueWithin30DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=pags_Duewithin31To120DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=pags_Duewithin31To120DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=pags_DueWithin121To180DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=pags_DueWithin121To180DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=pags_DueWithin181To360DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=pags_DueWithin181To360DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=pags_Dueto361DaysOrMoreDaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=pags_Dueto361DaysOrMoreDaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6645201952">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial risk management (Details Text) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_FinancialRiskManagementDetailsTextAbstract', window );"><strong>Financial Risk Management Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 66,767<span></span>
</td>
<td class="nump">R$ 79,969<span></span>
</td>
<td class="nump">R$ 6,888<span></span>
</td>
<td class="nump">R$ 1,199<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_FinancialRiskManagementDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial risk management (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_FinancialRiskManagementDetailsTextAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6725392816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Capital management (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CapitalManagementAbstract', window );"><strong>Capital management [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 205,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="num">(66,767)<span></span>
</td>
<td class="num">(79,969)<span></span>
</td>
<td class="num">R$ (6,888)<span></span>
</td>
<td class="num">R$ (1,199)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDebt', window );">Net debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">125,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">R$ 870,391<span></span>
</td>
<td class="nump">626,862<span></span>
</td>
<td class="nump">R$ 461,877<span></span>
</td>
<td class="nump">R$ 426,563<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TotalCapital', window );">Total capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 752,097<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GearingRatio', window );">Gearing ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net debt of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CapitalManagementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital management [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CapitalManagementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_GearingRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gearing ratio</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GearingRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TotalCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total capital</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TotalCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6646795056">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Capital management (Details Text)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CapitalManagementDetailsTextAbstract', window );"><strong>Capital Management Details Text [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio', window );">PagSeguro Brazil Group's strategy was to maintain a gearing ratio</a></td>
<td class="nump">20.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CapitalManagementDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capital management (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CapitalManagementDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>PagSeguro Brazil Group's strategy was to maintain a gearing ratio</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_PagseguroBrazilGroupsStrategyWasToMaintainGearingRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6739186304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other disclosures on cash flows (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_NoncashInvestingAndFinancingActivitiesAbstract', window );"><strong>Noncash Investing And Financing Activities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TransferOfAssetsAndLiabilities', window );">Transfer of assets and liabilities</a></td>
<td class="nump">R$ 56,351<span></span>
</td>
<td class="nump">R$ 399,048<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CapitalizationOfRelatedPartyTransactions', window );">Capitalization of related party transactions</a></td>
<td class="nump">R$ 26,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CapitalizationOfRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Capitalization of related party transactions</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CapitalizationOfRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_NoncashInvestingAndFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-cash investing and financing activities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_NoncashInvestingAndFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TransferOfAssetsAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Transfer of assets and liabilities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TransferOfAssetsAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R107.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6731781584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events (Details Text) - BRL (R$)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jan. 15, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Jan. 26, 2018</div></th>
<th class="th"><div>Jan. 24, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember', window );">BIVA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsDetailsTextAbstract', window );"><strong>Subsequent events (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="nump">75.13%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.31%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_TotalAmountPaidForThisAcquisition', window );">Total amount paid for this acquisition</a></td>
<td class="nump">R$ 4,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember', window );">BIVA | Acquired an additional</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsDetailsTextAbstract', window );"><strong>Subsequent events (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership - %</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.82%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_CurrencyAxis=currency_USD', window );">United States of America, Dollars</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsDetailsTextAbstract', window );"><strong>Subsequent events (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Initial offer price per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 21.50<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_ProceedsReceivedFromTheSharesOfferedByPagseguroDigitalExcludingChargesAndUnderwritingFeesTotaledApproximately', window );">Proceeds received from the shares offered by PagSeguro Digital, excluding charges and underwriting fees, totaled approximately</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,100,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=pags_ClassCommonSharesMember', window );">Class A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsDetailsTextAbstract', window );"><strong>Subsequent events (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GlobalOfferingOfShares', window );">Global offering of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">121,193,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Share-based payment arrangement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,821,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=pags_ClassCommonSharesMember', window );">Class A common shares | Shares offered by PagSeguro Digital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsDetailsTextAbstract', window );"><strong>Subsequent events (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GlobalOfferingOfShares', window );">Global offering of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,925,642<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=pags_ClassCommonSharesMember', window );">Class A common shares | Shares were offered by the controlling shareholder UOL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_SubsequentEventsDetailsTextAbstract', window );"><strong>Subsequent events (Details Text)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pags_GlobalOfferingOfShares', window );">Global offering of shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70,267,746<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of instruments granted in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph IG23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_IG23&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_GlobalOfferingOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Global offering of shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_GlobalOfferingOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_ProceedsReceivedFromTheSharesOfferedByPagseguroDigitalExcludingChargesAndUnderwritingFeesTotaledApproximately">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Proceeds received from the shares offered by PagSeguro Digital, excluding charges and underwriting fees, totaled approximately</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_ProceedsReceivedFromTheSharesOfferedByPagseguroDigitalExcludingChargesAndUnderwritingFeesTotaledApproximately</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_SubsequentEventsDetailsTextAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Subsequent events (Details Text)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_SubsequentEventsDetailsTextAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_TotalAmountPaidForThisAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total amount paid for this acquisition</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_TotalAmountPaidForThisAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pags_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=pags_SubsidiarieBivaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_AcquiredAnAdditionalAxis=pags_AcquiredAnAdditionalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_AcquiredAnAdditionalAxis=pags_AcquiredAnAdditionalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pags_CurrencyAxis=currency_USD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_CurrencyAxis=currency_USD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=pags_ClassCommonSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IPOInitialPublicOfferingAxis=pags_SharesOfferedByPagseguroDigitalMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pags_IPOInitialPublicOfferingAxis=pags_SharesWereOfferedByTheControllingShareholderUolMember</td>
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<FILENAME>Financial_Report.xlsx
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
